SCTL - Societal CDMO Reports Inducement Grants for New Staff | Benzinga
SAN DIEGO and GAINESVILLE, Ga., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. (("Societal CDMO", NASDAQ:SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced the addition of new employees to fill open roles throughout the organization.
Inducement Equity Award
In connection with the hiring of these personnel, the compensation committee of Societal CDMO's board of directors approved inducement stock option grants to purchase an aggregate of 43,230 shares of Societal CDMO's common stock. The option awards were granted pursuant to the NASDAQ inducement grant exception as a component of each individual's employment compensation and were granted as an inducement material to his or her acceptance of employment with Societal CDMO in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards were granted on September 29, 2023. The option awards will have an exercise price equal to the closing price of Societal CDMO's common stock on September 29, 2023 and a ten-year term and will vest in equal monthly installments over four years. The option awards are subject to each individual's continued service with Societal CDMO through the applicable vesting dates.
About Societal CDMO
Societal CDMO (NASDAQ:SCTL) is a bi-coastal contract development and manufacturing organization (CDMO) with capabilities spanning pre-Investigational ...