Market Newsdesk

Lev Peker Appointed to Faraday Future’s Board of Directors

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF,” “Faraday Future,” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, announced today that the Board of Directors of the Company (the “Board”) unanimously appointed Lev Peker as a member of the Board and as a member and the Chair of the Audit Committee of the Board.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230804447859/en/

Mr. Peker is an automotive and retail experienced C-Suite executive who has served in the CEO role, as well as on the board of directors at various public and private organizations. He has a results-driven mindset and a strong track record of performance in turnaround and high-paced organizations. Mr. Peker is currently the CEO of PartsiD, a leading digital commerce platform for the automotive aftermarket. Prior to that, Mr. Peker was the CEO of CarLotz, a nationwide used car consignment retailer (which recently merged with Shift Technologies). Prior to that role, Mr. Peker was the CEO of CarParts.com from 2019-2022, where he oversaw a more than doubling of annual revenue, a nearly fourfold improvement in EBITDA and an increase in market capitalization of over 500%. He also led the organization through a turnaround and strategic repositioning, while creating a 3-year plan to increase operational efficiency, maximize inventory, and improve the customer experience. Mr. Peker has also held various executive roles at Adorama, Sears Holdings Corporation and US Auto Parts in his career. Mr. Peker is a Certified Public Accountant (CPA), has an MBA from The Anderson School of Management at UCLA and a BS in Accounting from USC’s Marshall School of Business.

On July 31, 2023, Adam He provided a letter of resignation as interim Board Chairman, member of the Board and member of the Audit Committee, Compensation Committee, Nominating & Corporate Governance Committee, and Selection Committee, effective immediately. The Company thanks Mr. He for his valuable service as a member of the Board.

“We are honored to have an automotive and retail industry veteran like Mr. Peker join our team during this exciting and pivotal period of the Company,” said Xuefeng (“XF”) Chen, Global Chief Executive Officer of FF. “Mr. Peker will provide valuable experience and leadership along with the rest of the Board that will help guide us as we begin the deliveries of the FF 91 2.0 Futurist Alliance to our first group of users.”

The Company recently announced the official launch of the second phase of its co-creation delivery and expects to deliver the FF 91 2.0 Futurist Alliance to the first users at a delivery ceremony later this month. This marks a significant milestone for the Company as FF initiates the second phase of its three-phase delivery plan.

Users can preorder an FF 91 vehicle via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App: http://appdownload.ff.com

ABOUT FARADAY FUTURE

Faraday Future is the pioneer of the Ultimate TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem.

FOLLOW FARADAY FUTURE:

https://www.ff.com/

https://www.ff.com/us/mobile-app/

https://twitter.com/FaradayFuture

https://www.facebook.com/faradayfuture/

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www.linkedin.com/company/faradayfuture/

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements about the FF 91 2.0 Futurist Alliance delivery timeline, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include , among others: the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs (including timely receipt of parts and satisfactory safety testing); the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price.. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 12, 2023, the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2023, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804447859/en/

Investors (English): [email protected]

Investors (Chinese): [email protected]

Media: [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software EV/Electric Vehicles Internet Luxury Alternative Energy Energy General Automotive Technology Automotive Retail Automotive Manufacturing Manufacturing

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Lev Peker Appointed to Faraday Future’s Board of Directors (Photo: Business Wire)

Astra Optimizes Workforce to Support Sustainable Long-Term Business Plan

ALAMEDA, Calif.–(BUSINESS WIRE)–
Astra Space, Inc. (“Astra”) (NASDAQ: ASTR) today announced a strategic reallocation of its workforce from its Launch Services organization to its Astra Spacecraft Engines™ business to support its growing customer base and order backlog of its spacecraft engines.

Astra last announced 278 cumulative committed orders of the Astra Spacecraft Engine™ through March 30, 2023, representing approximately $77 million of contract value. A substantial majority of these orders are expected to be delivered through the end of 2024.

In support of the Astra Spacecraft Engine™ business, Astra has reallocated approximately 50 engineering and manufacturing personnel from Launch Services to Space Products. This reallocation includes a combination of permanent reassignments and temporary assignments to support customer programs and increasing production and test capacity through the end of the year.

“We are intensely focused on delivering on our commitments to our customers, which includes ensuring we have sufficient resources and an adequate financial runway to execute on our near-term opportunities,” said Chris Kemp, Founder, Chairman and CEO.

In addition to this reallocation, Astra has also reduced its overall workforce by approximately 25% since the beginning of the quarter, including a reduction of approximately 70 employees that was announced on August 4, 2023. The affected employees primarily supported the Company’s launch, SG&A, and shared services functions.

“I am grateful for the sacrifices that the employees impacted by this decision have made, and we are deeply committed to treating all impacted employees with the utmost care and respect during this transition,” continued Kemp.

Astra’s Launch Services organization remains focused on completing milestones for several launch customer contracts while continuing development of Rocket 4 and Launch System 2.0. The reduction and reallocation of Launch Services resources is expected to delay the timing of the Company’s test launches and paid commercial launches.

As discussed on our previous earnings call, Astra continues to make significant reductions to its operating expenses. Cumulative reductions in workforce are expected to result in over $4m of quarterly cost savings beginning in Q4 2023, which when combined with ongoing reductions in Capex and Opex, are expected to result in substantial reductions to cash burn over the next few quarters.

The Company remains focused on thoughtfully pursuing opportunities to raise additional capital. Given the strength of our Astra Spacecraft Engine™ business, the Company has engaged PJT Partners, a global, advisory-focused investment bank, to act as the Company’s financial advisor in connection with future financing activities and to explore potential strategic investments in the Astra Spacecraft Engine™ business to strengthen Astra’s balance sheet.

Business Update

As part of this announcement, Astra is also providing the following preliminary estimates of certain unaudited financial results for the three months ended June 30, 2023, in order to support our continuing discussions with lenders and other potential financing sources. The data presented below has been prepared by and is the responsibility of the Company management. It is preliminary and unaudited, based on our estimates, and subject to further internal review by its management and compilation of actual results. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial data presented below. Accordingly, the Company’s independent registered public accounting firm does not express an opinion or any other form of assurance with respect to this preliminary financial data. Ranges have been provided, rather than specific amounts, for the preliminary data because financial closing procedures for the three months ended June 30, 2023 are not yet complete.

For the three months ended June 30, 2023, we expect:

• Revenues to be between $0.5 million to $1.0 million,

• GAAP net loss to be between $13.0 million and $15.0 million,

• adjusted EBITDA loss* to be between $32.1 million and $34.1 million,

• basic shares outstanding to be between 271 million and 273 million shares,

• capital expenditures to be between $2.9 million and $3.9 million, and

• cash, cash equivalents and marketable securities to be between $26.0 million and $26.5 million.

The preliminary estimates provided for adjusted EBITDA loss, basic shares outstanding, and capital expenditures are in line with the original guidance provided at the Q1 2023 earnings call on May 15, 2023.

The preliminary estimate of cash, cash equivalents and marketable securities guidance is lower than the range initially provided at the Q1 2023 earnings call on May 15, 2023 primarily due to delays in collecting on government receivables of approximately $2.9 million and a delay in the Company’s receipt of cash proceeds from the employee retention tax credit of approximately $2.1 million. Had these two items been collected in Q2 2023, we believe, based on our current views, that Astra’s cash, cash equivalents and marketable securities would have been within the guidance provided on that earnings call.

Adjusted EBITDA loss is a non-GAAP financial measure. Please see our current report on Form 8-K filed August 4, 2023, with the SEC for more information on our use of Adjusted EBITDA loss and for a reconciliation of our preliminary estimated range of Adjusted EBITDA loss for the three months ended June 30, 2023 to its most comparable GAAP measure.

Litigation Update

The Company also announced a development in its securities litigation. On August 2, 2023, the Company received an order granting its motion to dismiss in the action before the U.S. federal district court for the Northern District of California, captioned: In Re Astra Space Inc. f/k/a Holicity Inc. Securities Litigation. The plaintiffs’ complaint alleged that the Company and several of its current and former officers and directors violated provisions of the Securities Exchange Act of 1934, as amended, with respect to certain statements concerning the Company’s projected launch cadence and payload capacity goals. The complaint sought unspecified damages on behalf of a purported class of purchasers of the Company’s securities between February 2, 2021 and December 29, 2021. The plaintiffs in this action have a period of 21 days to file an amended complaint.

About Astra

Astra’s mission is to improve life on Earth from space® by creating a healthier and more connected planet. Today, Astra offers one of the lowest cost-per-launch dedicated orbital launch services of any operational launch provider in the world. Astra delivered its first commercial launch to low Earth orbit in 2021, making it the fastest company in history to reach this milestone, just five years after it was founded in 2016. Astra (NASDAQ: ASTR) was the first space launch company to be publicly traded on Nasdaq.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S federal securities laws. Forward-looking statements herein relate to, among other things, the offering described herein. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include risks relating to the matters discussed in the Risk Factors section of Astra’s Annual Report on Form 10-K for the period ended December 31, 2022, filed with the Securities and Exchange Commission on March 30, 2023. Most of these factors are outside Astra’s control and are difficult to predict. The forward-looking statements included in this press release speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Astra assumes no obligation, and does not intend, to update these forward-looking statements as a result of future events or developments.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804903611/en/

Investor Contact:

[email protected]

Media Contact:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Air Technology Satellite Transport Aerospace Manufacturing

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Josh Levin Promoted to Senior Vice President, Chief Financial Officer and Treasurer of ComEd

CHICAGO–(BUSINESS WIRE)–
ComEd today announced that Josh Levin has been promoted to the company’s senior vice president, chief financial officer and treasurer, effective August 9. In this role, Levin, a 16-year veteran of ComEd and its parent company, Exelon, will be responsible for all ComEd’s finance activities, including financial planning and analysis, capital allocation, treasury, and risk management.

Levin succeeds Lisa Graham, who has decided to leave ComEd and Exelon for a new opportunity outside the company. Her last day will be August 8.

“We’re tremendously grateful to Lisa for her leadership and contributions to the company’s success, and we wish her well in her next professional endeavor,” said Gil Quiniones, ComEd CEO. “I’m also thrilled to welcome Josh back to ComEd, where his extensive experience in corporate strategy, finance and development will be an asset as we continue to deliver outstanding results for our company and the 9 million people we serve across northern Illinois.”

Levin currently serves as vice president, corporate financial planning and analysis for Exelon, where he is responsible for managing the company’s consolidated financial forecasts and supporting Exelon leadership in strategic financial decision-making. In the role he held immediately prior, Levin served as director, financial planning and analysis for ComEd, in which he led the forecasting of the company’s financials and related scenario planning. Before moving to ComEd, Levin held a variety of roles of increasing responsibility at Exelon and played lead roles in crafting Exelon’s first climate change strategy, acquiring and integrating Pepco Holdings, Inc., and executing cost optimization initiatives.

Prior to joining Exelon and completing graduate school, Levin was a consultant at Navigant Consulting. Levin earned a bachelor of business administration in finance & accounting from the University of Michigan Ross School of Business and an MBA from the University of Chicago Booth School of Business.

About ComEd

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 250 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter, Instagram and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804466391/en/

ComEd Media Relations

312-394-3500

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Energy Other Energy Utilities Oil/Gas

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Posted on August 4, 2023 7:35 pm

Neuronetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

MALVERN, Pa., Aug. 04, 2023 (GLOBE NEWSWIRE) — Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing, and marketing products that improve the quality of life for patients who suffer from neurohealth disorders, today announced the granting of inducement awards of Restricted Stock Units representing a total of 27,000 shares of the Company’s common stock (RSUs) to five new non-executive employees. In accordance with NASDAQ Listing Rule 5635(c)(4), these awards were approved by Neuronetics’ Compensation Committee and made as material inducements to their respective employment with the Company.

Each of the RSU grants vests ratably in three equal installments on the first, second and third anniversaries of the grant date, subject to the recipient’s continued service with the Company through the applicable vesting date. The RSUs are subject to the terms of the Neuronetics 2020 Inducement Plan.

About Neuronetics

Neuronetics, Inc. believes that mental health is as important as physical health. As a global leader in neuroscience and the largest TMS company in the industry, Neuronetics is redefining patient and physician expectations by designing and developing products that improve the quality of life for people suffering from psychiatric disorders. An FDA-cleared, non-drug, noninvasive treatment for people with depression, Neuronetics’ NeuroStar^® Advanced Therapy system is today’s leading transcranial magnetic stimulation (TMS) treatment for major depressive disorder with over 4.8 million treatments delivered. NeuroStar is widely researched and backed by the largest clinical data set of any TMS system for depression, including the world’s largest depression Outcomes Registry. Our NeuroStar^® Advanced Therapy system is also FDA-cleared to treat people suffering from obsessive-compulsive disorder, as well as for the treatment of comorbid anxiety symptoms (“anxious depression”) for adults with MDD suffering from anxiety symptoms. Neuronetics is committed to transforming lives by offering an exceptional treatment option that produces extraordinary results. For safety information and indications for use, visit NeuroStar.com.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995:

Statements in the press release regarding Neuronetics, Inc. (the “Company”) that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as “outlook,” “potential,” “believe,” “expect,” “plan,” “anticipate,” “predict,” “may,” “will,” “could,” “would” and “should” as well as the negative of these terms and similar expressions. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to: the impact of COVID-19 on the Company’s operational and budget plans as well as general political and economic conditions, including as a result of efforts by governmental authorities to mitigate COVID-19, such as travel bans, shelter in place orders and third-party business closures and the related impact on resource allocations, manufacturing and supply chains and patient access to commercial products; the Company’s ability to execute its business continuity; the Company’s ability to achieve or sustain profitable operations due to its history of losses; the Company’s reliance on the sale and usage of its NeuroStar Advanced Therapy for Mental Health System to generate revenues; the scale and efficacy of the Company’s salesforce as well as the Company’s ability to retain talent; availability of coverage and reimbursement from third-party payors for treatments using the Company’s products; physician and patient demand for treatments using the Company’s products; developments in respect of competing technologies and therapies for the indications that the Company’s products treat; product defects; the Company’s ability to obtain and maintain intellectual property protection for its technology; developments in clinical trials or regulatory review of NeuroStar Advanced Therapy for Mental Health System for additional indications; and developments in regulation in the United States and other applicable jurisdictions. For a discussion of these and other related risks, please refer to the Company’s recent SEC filings which are available on the SEC’s website at www.sec.gov. These forward-looking statements are based on the Company’s expectations and assumptions as of the date of this press release. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, or changes in the Company’s expectations.

Investor Contact:

Mike Vallie or Mark Klausner
ICR Westwicke
443-213-0499
[email protected]

Media Contact:

EvolveMKD
646-517-4220
[email protected]

 

Posted on August 4, 2023 7:32 pm

Aceragen, Inc. to Delist from The Nasdaq Stock Market

DURHAM, N.C. and EXTON, Pa., Aug. 04, 2023 (GLOBE NEWSWIRE) — Aceragen, Inc. (the “Company”) (Nasdaq: ACGN), announced today that the Company intends to voluntarily terminate the listing of its common stock on the Nasdaq Capital Market (“Nasdaq”) by filing a Form 25 with the Securities and Exchange Commission (the “SEC”) on or about August 15, 2023. As previously disclosed, on August 14, 2023, the Company expects to hold a special meeting seeking stockholder approval to effect a transfer and assignment of substantially all of the Company’s assets to an assignee for the benefit of creditors (the “Assignment Proposal”). Subject to stockholder approval of the Assignment Proposal, and in order to ensure an orderly delisting process, the Company has determined to voluntarily terminate the listing of its common stock on the Nasdaq by filing a Form 25 with the SEC on or about August 15, 2023.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release, including, without limitation, statements regarding the Company’s intention to file a Form 25 with the SEC, are forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on our current expectations and projections about future events and various assumptions. We cannot guarantee that we will achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may be beyond our control. All forward-looking statements included in this press release are made as of the date hereof and are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and otherwise in the Company’s subsequent filings and reports filed with the SEC. The Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by law.

Contact:

Aceragen, Inc.
John Taylor 
[email protected]

Posted on August 4, 2023 7:30 pm

Canada Goose Announces Election of Directors and Appointment of Lead Director

Canada Goose Announces Election of Directors and Appointment of Lead Director

TORONTO–(BUSINESS WIRE)–
Canada Goose Holdings Inc. (NYSE, TSX: GOOS), a global performance luxury and lifestyle brand, today announced the voting results from its annual meeting of shareholders (the “Meeting”) held on August 4, 2023.

At the Meeting, all the nominees for election as directors listed in the Company’s management information circular dated June 22, 2023, were elected by a majority of the votes cast by shareholders virtually present or represented by proxy at the Meeting. The voting results for each nominee are as follows:

Nominee	Votes For	%	Votes Withheld	%
Michael D. Armstrong	536,082,825	98.86%	6,166,871	1.14%
Joshua Bekenstein	527,841,866	97.34%	14,407,830	2.66%
Jodi Butts	532,462,458	98.20%	9,787,238	1.80%
Maureen Chiquet	540,691,848	99.71%	1,557,848	0.29%
Ryan Cotton	527,073,518	97.20%	15,176,178	2.80%
John Davison	540,953,722	99.76%	1,295,974	0.24%
Stephen Gunn	536,002,375	98.85%	6,247,321	1.15%
Dani Reiss	527,632,999	97.30%	14,616,673	2.70%
Belinda Wong	542,090,662	99.97%	159,034	0.03%

Furthermore, Deloitte LLP was reappointed as the Company’s auditor for the ensuing year by a majority of the votes cast by shareholders virtually present or represented by proxy at the Meeting.

The full voting results for the above matters are disclosed in the report on voting results of the Company dated August 4, 2023, available on SEDAR under the Company’s profile.

Lead Director

The Company further announces that, effective as of July 12, 2023, Mr. John Davison, a current independent director of the Company, was appointed to the position of Lead Director of Canada Goose, in replacement of Ms. Maureen Chiquet. Mr. Davison is also the Chair of the Audit Committee of the Company.

About Canada Goose

Founded in 1957 in a small warehouse in Toronto, Canada, Canada Goose (NYSE:GOOS, TSX:GOOS) is a lifestyle brand and a leading manufacturer of performance luxury apparel. Every collection is informed by the rugged demands of the Arctic, ensuring a legacy of functionality is embedded in every product from parkas and rainwear to apparel and accessories. Canada Goose is inspired by relentless innovation and uncompromised craftsmanship, recognized as a leader for its Made in Canada commitment. In 2020, Canada Goose announced HUMANATURE, its purpose platform that unites its sustainability and values-based initiatives, reinforcing its commitment to keep the planet cold and the people on it warm. Canada Goose also owns Baffin, a Canadian designer and manufacturer of performance outdoor and industrial footwear. Visit www.canadagoose.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804691210/en/

Investors: [email protected]

Media: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Retail Specialty Luxury Fashion

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Posted on August 4, 2023 7:25 pm

Syros Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Syros Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Syros Pharmaceuticals (NASDAQ:SYRS), a biopharmaceutical company committed to advancing new standards of care for the frontline treatment of hematologic malignancies, today announced the grant of restricted stock unit (RSU) awards for an aggregate of 16,050 shares of Syros common stock to two newly hired employees in connection with commencing employment with Syros. These RSUs were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The awards were granted on July 31, 2023, and vest as to one-quarter of the shares on July 31, 2024, and as to an additional one-quarter of the shares at the end of each successive year thereafter, subject to the employee’s continued service with Syros. These awards are subject to the terms and conditions of a restricted stock unit agreement covering the awards and Syros’ 2022 Inducement Stock Incentive Plan.

About Syros Pharmaceuticals

Syros is committed to developing new standards of care for the frontline treatment of patients with hematologic malignancies. Driven by the motivation to help patients with blood disorders that have largely eluded other targeted approaches, Syros is advancing a robust late-stage clinical pipeline, including tamibarotene, an oral selective RARα agonist in patients with higher-risk myelodysplastic syndrome and acute myeloid leukemia with RARA gene overexpression, and SY-2101, a novel oral form of arsenic trioxide in patients with acute promyelocytic leukemia. Syros is also seeking out-licensing opportunities for SY-5609, a highly selective and potent clinical-stage CDK7 inhibitor for the treatment of select solid tumors, and multiple preclinical programs in oncology. For more information, visit www.syros.com and follow us on Twitter (@SyrosPharma) and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230804232313/en/

Syros Contact

Karen Hunady

Director of Corporate Communications & Investor Relations

1-857-327-7321

[email protected]

Investor Contact

Hannah Deresiewicz

Stern Investor Relations, Inc.

212-362-1200

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical Oncology Health Clinical Trials

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