Microvast Holdings announces departure of chief financial officer
Standard BioTools Inc. (NASDAQ:LAB), a life sciences company with a market capitalization of $490 million and strong financial health according to InvestingPro metrics, announced on Friday that its board of directors approved restricted stock unit (RSU) retention awards for President and Chief Executive Officer Michael Egholm, Ph.D., and Chief Financial Officer Alex Kim. The company, currently trading at $1.30 per share, maintains a healthy balance sheet with more cash than debt. The awards were granted under the company’s Amended and Restated 2011 Equity Incentive Plan and are effective as of Friday.
Dr. Egholm is set to receive 3,000,000 RSUs, with 25% of the shares vesting on August 1, 2026. The remaining 75% will vest in three equal annual installments thereafter, contingent on his continued employment through the respective vesting dates. This retention strategy comes as InvestingPro data shows the company achieved impressive revenue growth of 34% over the last twelve months, despite current profitability challenges.
Mr. Kim will receive 1,500,000 RSUs, with 40% of the shares vesting on July 20, 2026, and the remaining 60% vesting on July 20, 2027, also subject to continued employment. The stock has shown volatility, with InvestingPro analysis revealing eight additional key insights about the company’s performance and prospects, available to subscribers.
The RSU retention awards are governed by the terms of the 2011 Plan and the applicable RSU award agreements. They are also subject to provisions of the company’s 2023 and 2024 Change of Control and Severance Plans, under which Dr. Egholm and Mr. Kim participate, respectively.
Separately, the company’s Human Capital Committee approved an increase to Mr. Kim’s target annual performance bonus. Effective as of January 1, 2025, the target bonus will rise to 80% of Mr. Kim’s base salary.
All information is based on a statement in a filing with the Securities and Exchange Commission.
In other recent news, Standard BioTools Inc. has announced the sale of its SomaLogic business to Illumina (NASDAQ:ILMN), Inc. for up to $425 million in cash. The agreement includes an upfront payment of $350 million, with potential additional payments of up to $75 million based on near-term milestones. The deal also provides for 2% royalties on SOMAmer-based next-generation sequencing library preparation kit sales for a decade. Additionally, Standard BioTools will maintain certain commercialization rights for Single SOMAmer reagents. In financial developments, Standard BioTools reported a net loss for the first quarter of 2025. The company’s earnings per share were -$0.07, missing the analysts’ forecast of -$0.06. Revenue also fell short of expectations, totaling $40.8 million compared to the projected $45.6 million.
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