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Beskrivning
| Land | Norge |
|---|---|
| Lista | OB Match |
| Sektor | Hälsovård |
| Industri | Bioteknik |
Oslo, Norway 22 November 2024 - Circio Holding ASA (OSE: CRNA), a biotechnology company developing next generation circular RNA vector technology for gene therapy, today announces that the Board of Directors has resolved to issue stock options to key employees as a retention incentive and to align management and shareholder interests during a financially constrained period for the company.
"The Circio team is continuing to deliver strong technological progress, recently highlighted by impressive in vivo circVec expression and durability data presented at the prestiguous ESGCT conference in October", said Damian Marron, Chairman of Circio Holding ASA. "This has been achieved despite considerable financial constraints and cost-cutting initiatives, including a voluntary 50% pay cut taken by CEO, CFO and CSO to channel available resources into crucial experimental work. To reward this dedication and incentivize employee retention, the Board has therefore resolved to issue new stock options to all Circio employees".
On 19 June 2024, the Annual General Meeting authorized the Board of Circio Holding ASA to issue new shares to employees under the Company long-term incentive program up to a maximum of 10% of the total share float. The previous general stock option allocation was in December 2022. All current stock options are substantially below their strike value and are no longer considered to have a relevant retention effect. To realign the option incentive program to the current situation, the Board has therefore resolved to issue a total of 2,350,000 stock options to members of the executive management and a total of 1,100,000 stock options to employees.
Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 25% of the options will vest 12 months after the day of grant (as long as the option holder is still employed). Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is still employed, with the first 1/36 vesting 13 months after the day of grant. The exercise price of the options is NOK 0.76. The exercise price is equal to the volume weighted average trading price of the shares of the Company on Oslo Børs on the date of the grant. Options that have not been exercised will lapse 7 years after the date of grant.
Primary insiders in Circio Holding ASA have received the following options grants, according to the terms described above:
Chief Executive Officer Erik Digman Wiklund has been granted 750,000 share options. Following the grant, he holds 143,733 shares and 805,005 options in the Company.
Chief Financial Officer Lubor Gaal has been granted 600,000 share options. Following the grant, he holds 93,600 shares and 623,329 options in the Company.
Chief Technology Officer Thomas Birkballe Hansen has been granted 400,000 share options. Following the grant, he holds 46,800 shares and 416,658 options in the Company.
Chief Operating Officer Ola Melin has been granted 300,000 share options. Following the grant, he holds 48,466 shares and 324,185 options in the Company.
Chief Scientific Officer Victor Levitsky has been granted 300,000 share options. Following the grant, he holds 47,133 shares and 321,502 options in the Company.
Please see the attached forms for further details about the stock option allocation.
This information is subject to the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.