Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SOUTH SAN FRANCISCO, Calif., March 27, 2025 (GLOBE NEWSWIRE) -- Vaxart, Inc. (NASDAQ:VXRT) (the "Company" or "Vaxart") today announced that on March 24, 2025, the independent members of the Board of Directors granted inducement equity awards to (i) seven new non-executive employees, covering an aggregate of 292,500 shares of its common stock, consisting of stock options to purchase 195,000 shares and restricted stock unit awards covering 97,500 shares, and (ii) Laurie Hastings, our recently-appointed Senior Vice President, Human Resources, consisting of a stock option to purchase 300,000 shares and a restricted stock unit award covering 67,000 shares, in each case as a material inducement for those individuals to commence employment with Vaxart.
The stock options vest as to 1/4th of the total shares on the one-year anniversary of the grant date, and as to 1/48th of the total shares on each month thereafter, and have a per share exercise price equal to the closing price of Vaxart's common stock on the grant date; and the restricted stock unit awards vest as to 25% of the shares underlying the awards on the first, second, third and fourth anniversary of the grant date.
These awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan as an employment "inducement award" pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Vaxart (or following a bona fide period of non-employment) as an inducement material to entering into employment with Vaxart.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart's development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart's first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
Vaxart Media and Investor Relations:
Matt Steinberg
FINN Partners
IR@vaxart.com
(646) 871-8481
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