CTI BioPharma Corp (NASDAQ:CTIC) is moving higher again in the pre-market session on Wednesday, extending its monthly gain to 6%.
Major Trigger:
CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Key Highlights:
- announced that the Compensation Committee of its Board of Directors granted equity awards to two new employees as equity inducement awards outside of the Company’s Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employees’ acceptance of employment with the company.
- The equity awards were approved on June 8, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
- The employees received options to purchase an aggregate of 47,500 shares of CTI BioPharma common stock. The options will be issued upon each employee’s commencement of employment (the “Grant Date”), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective Grant Date.
- One-fourth of the options will vest on each anniversary of the employee’s Grant Date, subject to the employee’s continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.
Market Reaction
As of 7:52, CTIC stock jumped 1% to $2.57. So far the stock has traded 2K shares traded hands.
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