NEW YORK, March 23 (GenomeWeb News) - Biotage's board of directors may soon establish an employee stock option program after its April 27 annual meeting, the company said today in a statement.
If voting during the company's general meeting authorizes the board to make the changes, the total number of shares will not exceed 8.8 million, the firm said. Like other companies, Biotage issues new shares to help finance acquisitions or to strengthen its capital base and its equity holdings, the company added.
The board's plan for a stock option program will allow employees to be allocated no more than a combined total of 600,000 options until next year's general meeting. Management may be allocated as many as 80,000 options each, senior executives can receive a maximum of 30,000 options each, junior executives can each receive as many as 10,000 options, while other executives can receive a maximum of 3,600 each, the company said.
Other employees can receive a maximum of 400 options each.
The company will issue no more than 700,000 warrants, which if fully exercised will result in a market capitalization increase of 700,000 Swedish Kronor ($90,300), Biotage said. That amount corresponds to a dilution of less than one percent of the share capital and votes, the company added.