Absci Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Absci (Nasdaq: ABSI), a data-first generative AI drug creation company, announced on July 1, 2024, the granting of a non-statutory stock option to Ms. Shelby Walker, the new Chief Legal Officer. The option allows her to purchase 613,000 shares of Absci's common stock at an exercise price of $3.01 per share, the closing price on the grant date. This inducement grant, approved under Absci’s 2023 Inducement Plan, aims to attract and retain top talent. The 10-year term stock option vests over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the following three years.

Positive

• Granting 613,000 stock options to a new Chief Legal Officer can attract and retain top executive talent.
• The option exercise price is set at $3.01, aligning with the market value, which signifies fair practices.

Negative

• The issuance of 613,000 new shares could potentially dilute existing shareholder value.

VANCOUVER, Wash. and NEW YORK, July 03, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today announced that on July 1, 2024, the company granted a non-statutory stock option to purchase an aggregate of 613,000 shares of its common stock to Ms. Shelby Walker in connection with her employment as Absci’s Chief Legal Officer. The inducement grant was previously approved by Absci’s Board of Directors pursuant to Absci’s 2023 Inducement Plan (the “Inducement Plan”), and is being made as an inducement material to Ms. Walker’s acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option award has an exercise price of $3.01 per share, the closing price of Absci’s common stock on the Nasdaq Global Select Market on July 1, 2024 the (“Grant Date”). The stock option has a 10-year term and vests over four years, and 25% of the shares subject to the option vest and become exercisable on the one-year anniversary of the Grant Date and the remaining 75% of the shares subject to the option vest and become exercisable in 36 approximately equal monthly installments thereafter such that the shares underlying the option granted to Ms. Walker will be fully vested on the fourth anniversary of the Grant Date, subject to Ms. Walker’s continued service with Absci on each such date (subject to the terms and conditions of the Inducement Plan and the option award agreement covering the grant).

About Absci

Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Our Integrated Drug Creation™ platform unlocks the potential to accelerate time to clinic and increase the probability of success by simultaneously optimizing multiple drug characteristics important to both development and therapeutic benefit. With the data to train, the AI to create, and the wet lab to validate, we can screen billions of cells per week, allowing us to go from AI-designed antibodies to wet lab-validated candidates in as little as six weeks. Absci’s headquarters is in Vancouver, WA, with our AI Research Lab in New York City and an Innovation Center in Zug, Switzerland. Visit www.absci.com and follow us on LinkedIn (@absci), X (Twitter) (@Abscibio), and YouTube.

Availability of Other Information about Absci
Investors and others should note that we routinely communicate with investors and the public using our website (www.absci.com) and our investor relations website (investors.absci.com), including without limitation, through the posting of investor presentations, SEC filings, press releases, public conference calls and webcasts on these websites, as well as on X (Twitter), LinkedIn and YouTube. The information that we post on these websites and social media outlets could be deemed to be material information. As a result, investors, the media, and others interested in Absci are encouraged to review this information on a regular basis. The contents of our website and social media postings, or any other website that may be accessed from our website or social media postings, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Investor Contact
Alex Khan
VP, Finance & Investor Relations
investors@absci.com

Media Contact
press@absci.com

FAQ

What was the exercise price for the stock options granted to Absci's new Chief Legal Officer?

The exercise price for the stock options granted to Absci's new Chief Legal Officer was $3.01 per share.

How many stock options were granted to Absci's Chief Legal Officer?

Absci's Chief Legal Officer was granted 613,000 stock options.

When will the stock options granted to Absci's Chief Legal Officer fully vest?

The stock options granted to Absci's Chief Legal Officer will fully vest on the fourth anniversary of the grant date, with 25% vesting on the first anniversary and the remaining 75% vesting monthly over the next three years.

What is the term length for the stock options granted to Absci's Chief Legal Officer?

The stock options granted to Absci's Chief Legal Officer have a term length of 10 years.

Under which plan was the stock option grant to Absci's Chief Legal Officer approved?

The stock option grant to Absci's Chief Legal Officer was approved under Absci’s 2023 Inducement Plan.