Summary by Moomoo AI
Arcutis Biotherapeutics, Inc., a biopharmaceutical company, has successfully completed its tender offer to exchange certain outstanding stock options for new restricted stock units (RSUs). The offer, which was part of the company's 2020 Equity Incentive Plan, expired on February 12, 2024, and was directed at eligible employees and consultants. A total of 208 participants elected to take part in the exchange, which resulted in the cancellation of options to purchase approximately 5,063,689 shares of common stock, representing about 98% of the total shares underlying the eligible options. In return, Arcutis granted 2,131,874 Replacement RSU Awards. The final results of the offer were filed with the U.S. Securities and Exchange Commission on February 15, 2024, as detailed in Amendment No. 2 to Schedule TO. The vesting terms of the Replacement RSU Awards were provided in the Offer to Exchange documentation.