Terns Pharmaceuticals Reports Inducement Grant to New Employee Under Nasdaq Listing Rule 5635(C)(4)
August 03 2023 - 5:00PM
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, non-alcoholic steatohepatitis (NASH)
and obesity, today announced that it has granted as of August 1,
2023 an equity inducement award to one new employee under the terms
of the 2022 Employment Inducement Award Plan (the “Inducement
Plan”). The equity award was approved by the Compensation Committee
of the Company’s Board of Directors in accordance with Nasdaq
Listing Rule 5635(c)(4) and was made as a material inducement to
the employee’s acceptance of employment with Terns.
The Company granted an option to purchase 32,000 shares of Terns
common stock to the new employee. The options have a 10-year term
and an exercise price per share equal to $7.18, which was the
closing price of Terns’ common stock on August 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, NASH and obesity.
Terns’ pipeline includes two clinical stage development programs
including an allosteric BCR-ABL inhibitor and a THR-β agonist (+/-
an FXR agonist), and preclinical small-molecule GLP-1 receptor
agonist and GIPR modulator programs. For more information, please
visit: www.ternspharma.com.
Contacts for Terns
InvestorsMark
Vignolainvestors@ternspharma.com
MediaJenna UrbanBerry & Company Public
Relationsmedia@ternspharma.com
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