X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

X4 Pharmaceuticals (XFOR) has announced the issuance of inducement awards to new employees under its 2019 Inducement Equity Incentive Plan. The awards consist of options to purchase 396,824 shares of common stock at an exercise price of $0.371 per share, equal to the closing price on December 2, 2024.

The options have a ten-year term and will vest over four years, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months, contingent on continued employment. These awards were granted as inducement material for new employees and approved by X4's Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• None.

Negative

• Low share price of $0.371 indicates potential financial concerns
• Stock option grants may lead to future shareholder dilution

News Market Reaction

+3.43%

1 alert

+3.43% News Effect

On the day this news was published, XFOR gained 3.43%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BOSTON, Dec. 03, 2024 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR), a company driven to improve the lives of people with rare diseases of the immune system, today announced that, effective on December 2, 2024, the company issued inducement awards to new employees under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of X4. The inducement awards consist of options to purchase an aggregate of 396,824 shares of X4’s common stock. These stock awards were granted as an inducement material to the new employees entering into employment with X4 in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by X4’s Compensation Committee of the Board of Directors.

The options have a ten-year term and an exercise price of $0.371 per share, which is equal to the closing price of X4’s common stock on December 2, 2024. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36 months, subject to the employee’s continued employment with X4 on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of an award agreement covering the grant.

About X4 Pharmaceuticals
X4 is delivering progress for patients by developing and commercializing innovative therapies for those with rare diseases of the immune system and significant unmet needs. Leveraging our expertise in CXCR4 and immune system biology, we have successfully developed mavorixafor, which has received U.S. approval as XOLREMDI® (mavorixafor) capsules in its first indication. We are also evaluating the use of mavorixafor in additional potential indications. X4 corporate headquarters are in Boston, Massachusetts and our research center of excellence is in Vienna, Austria. For more information, please visit our website at www.x4pharma.com.

Company Contact:
José Juves
Head of Corporate & Patient Affairs
jose.juves@x4pharma.com

Investor Contact:
Daniel Ferry
Managing Director, LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576

FAQ

How many shares were included in X4 Pharmaceuticals (XFOR) December 2024 inducement grants?

X4 Pharmaceuticals issued options to purchase 396,824 shares of common stock as inducement awards to new employees.

What is the exercise price for XFOR's December 2024 inducement stock options?

The exercise price for the inducement stock options is $0.371 per share, equal to X4 Pharmaceuticals' closing stock price on December 2, 2024.

What is the vesting schedule for XFOR's December 2024 inducement options?

The options vest over four years, with 25% vesting after 12 months and the remaining shares vesting monthly over the following 36 months, subject to continued employment.