“All loan funded shares under the plan during the year ended 31 December 2021 are subject to the following vesting conditions: i. 40% of the Loan Funded Shares shall vest on acceptance by the US Food and Drug Administration of the filing of a New Drug Application for Trofinetide; and ii. 40% of the Loan Funded Shares shall vest when the Company determines to progress NNZ-2591 to a Phase 2b or Phase 3 clinical trial following a positive Phase 2 clinical trial outcome, or executes a partnering transaction for NNZ-2591; iii. 20% of the Loan Funded Shares shall vest when the Company executes a partnering transaction for trofinetide outside. North America, or submits a Marketing Authorisation Application for trofinetide in the European Union, the United Kingdom, or Japan.”
There was 3,000,000 loan funded shares in the last annual report. 1,500,000 of those were the CEO. 20% of 1,500,000 is 300,000. I’m seeing condition iii being the one met as each of the others would result in the issue of more shares.
NEU Price at posting:
$13.16 Sentiment: Buy Disclosure: Held
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