Allena Pharmaceuticals Inc (NASDAQ:ALNA) continues to gain momentum as the stock is heading for another green day after weekly jump of 10%.

Major Trigger:

Allena Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Key Highlights:

• announced the granting of an inducement award to a new employee. In accordance with NASDAQ Listing Rule 5635(c)(4), the award was made as a material inducement to the employee’s entry into employment with the Company.
• In connection with the commencement of employment, the employee received stock options on June 7, 2021, to purchase an aggregate 55,000 shares of Allena common stock.
• The stock options were granted pursuant to Allena’s 2021 Inducement Plan and have an exercise price of $1.20 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.
• The stock options vest over four years, with 25% vesting on the one-year anniversary of the employee’s first day of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to the new employee’s continued service relationship with the Company on each such date.
• The stock options have a 10-year term and are subject to terms and conditions of the Company’s 2021 Inducement Plan and a stock option agreement covering the grant..

Market Reaction

As of 7:25, ALNA stock is higher by 0.82% at $1.23. The stock has traded 550 shares so far in the pre-market session.