Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)
November 03 2023 - 4:05PM
Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq:
TERN), a clinical-stage biopharmaceutical company developing a
portfolio of small-molecule product candidates to address serious
diseases, including oncology, obesity and non-alcoholic
steatohepatitis (NASH), today announced that it has granted as of
November 1, 2023 equity inducement awards to three new
non-executive employees under the terms of the 2022 Employment
Inducement Award Plan (the “Inducement Plan”), as amended. The
equity awards were approved by the Compensation Committee of the
Company’s Board of Directors in accordance with Nasdaq Listing Rule
5635(c)(4) and were each made as a material inducement to the
employee’s acceptance of employment with Terns.
The Company granted options to purchase 109,000 shares of Terns
common stock, in the aggregate, to the three new employees. The
options have a 10-year term and an exercise price per share equal
to $5.25, which was the closing price of Terns’ common stock on
November 1, 2023, the date of grant. The options vest over four
years, subject to continued service through the applicable vesting
dates.
About Terns PharmaceuticalsTerns
Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company
developing a portfolio of small-molecule product candidates to
address serious diseases, including oncology, obesity and NASH.
Terns’ pipeline includes three clinical stage development programs
including an allosteric BCR-ABL inhibitor, a small-molecule GLP-1
receptor agonist, and a THR-β agonist, and a preclinical GIPR
modulator program. For more information, please
visit: www.ternspharma.com.
Contacts for Terns
InvestorsJustin
Nginvestors@ternspharma.com
MediaJenna UrbanBerry & Company Public
Relationsmedia@ternspharma.com
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