Spruce Biosciences (SPRB) adjusts director option exercise prices to $104.13
Rhea-AI Filing Summary
Spruce Biosciences, Inc. reported transactions by a director involving existing stock options after a 75-for-1 reverse stock split effective August 4, 2025. The reverse split combined every seventy-five shares of common stock into one share, and each option to purchase 75 shares became an option to purchase one share, with exercise prices multiplied by seventy-five.
On December 11, 2025, the company implemented a one-time stock option repricing for options with exercise prices of $106.09 per share or higher, held by employees and directors who remained in continuous service on that date. The exercise price of affected options was amended to $104.13 per share, equal to the 30-day trailing volume-weighted average price of the common stock on the Nasdaq Capital Market. The options are fully vested and exercisable, and if an optionholder exercises within a one-year retention period, they must pay the original exercise price. Vesting schedules, expiration dates, and the number of underlying shares were not changed.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Option (Right to Buy) | 458 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 458 | $0.00 | -- |
| Grant/Award | Stock Option (right to buy) | 88 | $0.00 | -- |
| Disposition | Stock Option (right to buy) | 88 | $0.00 | -- |
| Grant/Award | Stock Option (Right to Buy) | 400 | $0.00 | -- |
| Disposition | Stock Option (Right to Buy) | 400 | $0.00 | -- |
Footnotes (1)
- Effective August 4, 2025, the Issuer effected a reverse stock split (the "Reverse Split") whereby every seventy-five shares of its issued and outstanding Common Stock were automatically combined into one share of Common Stock. In connection with the Reverse Split, each stock option to purchase 75 shares of Common Stock was automatically combined into a stock option to purchase one share of Common Stock and the exercise prices of such options were multiplied by seventy-five. The shares subject to the option are fully vested and exercisable. The transactions reported herein reflect a one-time stock option repricing (the "Option Repricing") effective on December 11, 2025 (the "Repricing Date"). The Option Repricing applies to options with exercise prices of $106.09 per share or greater held by employees and directors of the Issuer who remained in continuous service with the Company as of the Repricing Date. Pursuant to the Option Repricing, the exercise price of the repriced options has been amended to reduce the exercise price to $104.13 per share, the thirty (30)-day trailing volume-weighted average price of the Common Stock on the Nasdaq Capital Market on the Repricing Date. However, if an optionholder exercises a repriced option before the end of a retention period of one year (which period may be shorter in certain circumstances), such optionholder will be required to pay the original exercise price per share of such repriced option. No other changes were made to the repriced options in connection with the Option Repricing, including with respect to the vesting schedules, expiration dates or number of shares underlying such repriced options.
