Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Written by Customer Service on . Posted in Public Companies.

CONSHOHOCKEN, Pa., Sept. 14, 2023 (GLOBE NEWSWIRE) — Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), today announced that it made an inducement grant to Bill Sibold on September 11, 2023 in connection with his appointment as Madrigal’s new President and Chief Executive Officer. The award was granted outside of the company’s Amended 2015 Stock Plan under the terms of the company’s 2023 Inducement Plan (which was approved and adopted by the Board of Directors on September 8, 2023) and was approved by the company’s Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).

In connection with the appointment of Mr. Sibold as CEO, and as a material inducement to his employment, Madrigal granted Mr. Sibold, on September 11, 2023, a one-time sign-on equity award of 50,000 time-based restricted stock units, which will vest ratably over four years, subject to his continued employment as of the vesting date, and a one-time sign-on award of performance-based restricted stock units (PSUs) with a target award of 50,000 PSUs that can be earned on achievement of significant sustained stock price appreciation hurdles over a five-year period (which can be earned at 0-300% of target based on actual stock price performance and which settle on an extended basis via the issuance of common stock after the vesting of PSUs and following the 4th to 6th anniversaries of the hiring date, as applicable).

In addition, on September 14, 2023, Madrigal granted equity awards under the 2023 Inducement Plan to eight other new employees as a material inducement to their employment, all of which were approved in accordance with Nasdaq Listing Rule 5635(c)(4). These employees received, in the aggregate, 12,989 time-based restricted stock units, which vest ratably over four years, subject to each such employee’s continued employment as of the vesting date.

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a clinical-stage biopharmaceutical company pursuing novel therapeutics for nonalcoholic steatohepatitis (NASH), a liver disease with high unmet medical need. Madrigal’s lead candidate, resmetirom, is a once daily, oral, thyroid hormone receptor (THR)-β selective agonist designed to target key underlying causes of NASH in the liver. For more information, visit www.madrigalpharma.com.

Investor Contact
Alex Howarth, Madrigal Pharmaceuticals, Inc., IR@madrigalpharma.com

Media Contact
Christopher Frates, Madrigal Pharmaceuticals, Inc., media@madrigalpharma.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.