Verve Therapeutics Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Verve Therapeutics, a clinical-stage company developing genetic medicines for cardiovascular disease, has announced the granting of equity awards to five new employees on July 31, 2024. These awards, made under the company's 2024 Inducement Stock Incentive Plan, include:

1. Stock options to purchase 91,200 shares of common stock at $7.00 per share, vesting over four years.

2. 37,300 restricted stock units (RSUs), vesting in equal annual installments over four years.

These grants are in accordance with Nasdaq Listing Rule 5635(c)(4) and are designed to serve as an inducement for new employees joining the company.

Positive

• Attraction of new talent with equity incentives
• Alignment of employee interests with company performance through stock options and RSUs

Negative

• Potential dilution of existing shareholders' equity

News Market Reaction

-5.39%

1 alert

-5.39% News Effect

On the day this news was published, VERV declined 5.39%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BOSTON, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Verve Therapeutics, a clinical-stage company developing a new class of genetic medicines for cardiovascular disease, today announced that on July 31, 2024, the company granted equity awards to five new employees, pursuant to the company’s 2024 Inducement Stock Incentive Plan, as an inducement material to each new employee entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received stock options to purchase an aggregate of 91,200 shares of the company’s common stock and an aggregate of 37,300 restricted stock units (RSUs). The options have an exercise price of $7.00 per share, which is equal to the closing price of the company’s common stock on the date of grant. Each option has a 10-year term and will vest over a period of four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remainder vesting in equal monthly installments over the following three years, subject to each such employee’s continued service with the company on each such vesting date. The RSUs will vest in equal annual installments on the first four anniversaries of October 1, 2024, subject to each such employee’s continued service with the company on each such vesting date.

About Verve Therapeutics 
Verve Therapeutics, Inc. (Nasdaq: VERV) is a clinical-stage company developing a new class of genetic medicines for cardiovascular disease with the potential to transform treatment from chronic management to single-course gene editing medicines. The company’s lead programs – VERVE-101, VERVE-102, and VERVE-201 – target genes that have been extensively validated as targets for lowering low-density lipoprotein cholesterol (LDL-C), a root cause of atherosclerotic cardiovascular disease (ASCVD). VERVE-101 and VERVE-102 are designed to permanently turn off the PCSK9 gene in the liver and are being developed initially for heterozygous familial hypercholesterolemia (HeFH) and ultimately to treat patients with established ASCVD who continue to be impacted by high LDL-C levels. VERVE-201 is designed to permanently turn off the ANGPTL3 gene in the liver and is initially being developed for homozygous familial hypercholesterolemia (HoFH) and for refractory hypercholesterolemia where patients still have high LDL-C despite treatment with maximally-tolerated standard of care therapies. For more information, please visit www.VerveTx.com.

Investor Contact
Jen Robinson
Verve Therapeutics, Inc.
jrobinson@vervetx.com

Media Contact
Ashlea Kosikowski
1AB
ashlea@1abmedia.com

FAQ

What equity awards did Verve Therapeutics (VERV) grant to new employees on July 31, 2024?

Verve Therapeutics granted stock options to purchase 91,200 shares of common stock at $7.00 per share and 37,300 restricted stock units (RSUs) to five new employees.

How do the stock options granted by Verve Therapeutics (VERV) on July 31, 2024 vest?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting in equal monthly installments over the following three years.

What is the vesting schedule for the RSUs granted by Verve Therapeutics (VERV) on July 31, 2024?

The RSUs vest in equal annual installments on the first four anniversaries of October 1, 2024, subject to continued employment.

Under which plan did Verve Therapeutics (VERV) grant the equity awards announced on August 2, 2024?

The equity awards were granted under Verve Therapeutics' 2024 Inducement Stock Incentive Plan.