Summary by Moomoo AI
Arcutis Biotherapeutics, Inc. (Arcutis) has announced a tender offer to exchange certain outstanding options for new restricted stock units (RSUs) under its 2020 Equity Incentive Plan. The offer, detailed in a Schedule TO filed with the SEC, is aimed at eligible employees and consultants holding options with exercise prices equal to or greater than $10.00. The exchange ratios vary based on the exercise price of the options and are designed to balance compensatory goals with shareholder interests. Non-employee board members are not eligible to participate. The offer, which commenced on January 16, 2024, will expire at 8:59 P.M. Pacific Time on February 12, 2024, unless extended. The Replacement RSU Awards will be granted upon cancellation of the accepted options, with vesting based on continued employment or service. The offer is subject to certain conditions, including regulatory approvals and market conditions. As of January 12, 2024, the closing price of Arcutis Common Stock on Nasdaq was $3.64 per share.