HTG Molecular Diagnostics, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
TUCSON, Ariz., July 23, 2021 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics Inc. (Nasdaq: HTGM) (HTG), a life science company whose mission is to advance precision medicine, today announced that, on July 13th and July 22nd, 2021 the Compensation Committee of the HTG Board of Directors granted inducement stock option awards to purchase an aggregate of 30,000 shares of common stock to two employees who have recently joined HTG.
These stock option awards have exercise prices of $5.85 and $5.42 per share, respectively, reflecting HTG’s closing trading price on the grant date. Both inducement awards vest over approximately four years, with 1/4th of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 12 successive, equal quarterly installments on the last day of each calendar quarter, commencing with the last day of the calendar quarter first occurring after the one-year anniversary of the applicable vesting commencement date, and subject to the new employee's continued service relationship with HTG through the applicable vesting dates. Each stock option has a 10-year term and is subject to the terms and conditions of HTG’s 2021 Inducement Plan, adopted by HTG’s Board of Directors on July 1, 2021, and its standard form of agreement for inducement grants of nonstatutory stock options.
The stock options were granted as inducements material to the new employees entering into employment with HTG in accordance with Nasdaq Listing Rule 5635(c)(4).
HTG is focused on NGS-based molecular profiling. The company’s proprietary HTG EdgeSeq technology automates complex, highly multiplexed molecular profiling from solid and liquid samples, even when limited in amount. HTG’s customers use its technology to identify biomarkers important for precision medicine, to understand the clinical relevance of these discoveries, and ultimately to identify treatment options. Its mission is to empower precision medicine.
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