Ocugen Inc. (OCGN) stock prices were down by 13.83% as of the market closing on October 16th, 2021. This brought the price per share down to USD$8.66. Subsequent pre-market fluctuations have seen the stock fall by another 9,93%, bringing it down to USD$7.80.
Approval of Stock Options
October 16th 2021 saw OCGN stock announce the approval of a grant of stock options by the Compensation Committee of the Board of Directors. A total aggregate of 48,800 shares of the company’s common stock and Restricted stock units (RSUs) have been approved for purchase. This covered an aggregate of 8,200 shares of common stock to three of the company’s hired employees. Both the stock options and the RSUs were granted as of October 16th, 2021, as material inducements to employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
Details of Stock Options
The stock options have been approved for a term that will span ten years, with an exercise price of USD$8.66 per share. The exercise price has been set to match the closing price of OCGN stock as of the grant date. Both the stock options and the Restricted stock units vest in equal annual installments. These installments will span the course of a three-year period that will commence on the first anniversary of the grant date. They will also be subject to the applicable new employee’s continued employment under the company through the applicable vesting dates. Both the stock options and the Restricted stock units were granted outside of the company’s Equity Incentive Plan, which was announced in 2019.
About OCGN Stock
OCGN stock is a biopharmaceutical company that focuses on the discovery, development, and commercialization of gene therapies to cure diseases related to blindness. The company is also facilitating the development of a vaccine to cater to the ongoing coronavirus pandemic. The company’s breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug. Their novel biologic product candidate is designed to provide improved therapy to patients with the underserved diseases, such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.
Future Outlook of OCGN Stock
OCGN stock is poised to capitalize on the scope of opportunities afforded to it following its foray into the massive market for Covid-19 vaccines. With irons in various fires, the company is keen to take the steps required to maintain its recent trajectory of success. Current and potential investors are hopeful that management will be able to leverage the resources at their disposal effectively. This is hoped to ensure consistent and organic growth in shareholder value over the long term.
