Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Vaxart announced the granting of inducement equity awards to two new non-executive employees on November 15, 2024.
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Rhea-AI Summary
Vaxart announced the granting of inducement equity awards to two new non-executive employees on November 15, 2024. The awards include 61,000 stock options that vest 25% after one year and 1/48th monthly thereafter, and 30,500 restricted stock units that vest 25% annually over four years. These awards were granted under Vaxart's 2024 Inducement Award Plan, complying with Nasdaq Listing Rule 5635(c)(4), specifically designed to attract new employees to the company.
Positive
- Company maintains ability to attract talent through equity compensation
Negative
- Potential shareholder dilution from 91,500 new shares
Details
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SOUTH SAN FRANCISCO, Calif., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today announced that on November 15, 2024, the Compensation Committee of the Board of Directors granted inducement equity awards covering an aggregate of 91,500 shares of its common stock to two new non-executive employees to induce them to accept employment with Vaxart.
The awards consisted of stock options to purchase an aggregate of 61,000 shares of Vaxart’s common stock, which vest as to 1/4th of the total shares on the one-year anniversary of the grant date, and as to 1/48th of the total shares on each month thereafter, and have a per share exercise price equal to the closing price of Vaxart’s common stock on the grant date; and restricted stock unit awards covering an aggregate of 30,500 shares of Vaxart’s common stock, which vest as to
The awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan as an employment “inducement award” pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Vaxart (or following a bona fide period of non-employment) as an inducement material to entering into employment with Vaxart.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and to eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
Vaxart Media and Investor Relations:
Matt Steinberg
FINN Partners
IR@vaxart.com
(646) 871-8481
This press release was published by a CLEAR® Verified individual.
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