GeneDx Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
STAMFORD, Conn., Jan. 24, 2024 (GLOBE NEWSWIRE) -- GeneDx, a leader in delivering improved health outcomes through genomic and clinical insights, today announced that, effective as of January 23, 2024, the compensation committee of GeneDx’s board of directors granted newly hired employees 106,030 restricted stock units (“RSUs”) as inducements material to each employee entering into employment with GeneDx. The RSUs were granted under GeneDx’s 2023 Equity Inducement Plan and in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement RSUs will vest in equal annual installments over the four-year period following the grant date, subject to the employee’s continued service with the Company on each applicable vesting date.
Each RSU represents a contingent right to receive 1 share of the Issuer's Class A Common Stock upon settlement. Typically, upon full vesting, shares are sold to cover tax withholding obligations in connection with the vesting and settlement of RSUs and funded by a "sell to cover" transaction. This does not represent a discretionary transaction by the Reporting Person.
GeneDx (Nasdaq: WGS) delivers personalized and actionable health insights to inform diagnosis, direct treatment and improve drug discovery. The company is uniquely positioned to accelerate the use of genomic and large-scale clinical information to enable precision medicine as the standard of care. GeneDx is at the forefront of transforming healthcare through its industry-leading exome and genome testing and interpretation, fueled by one of the world’s largest, rare disease data sets. For more information, please visit www.genedx.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.
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