Adicet Bio Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Adicet Bio, Inc. (ACET) granted an inducement award to a new hire on February 29, 2024, consisting of 7,000 non-qualified stock options at an exercise price of $2.35 per share. The options will vest over a four-year period, subject to continued employment. The award was issued under Adicet's Inducement Plan outside of the regular equity incentive plans.

REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)-- Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, today announced it granted an inducement award on February 29, 2024.

One individual was hired by Adicet in February 2024 and granted new hire non-qualified stock options to purchase 7,000 shares of Adicet’s common stock with an exercise price of $2.35 per share, the closing price of Adicet’s common stock as reported by Nasdaq on February 29, 2024. One-fourth of the shares underlying the employee’s option will vest on the one-year anniversary of the recipient’s start date and thereafter the remaining three-fourths of the shares underlying the employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to the employee will be fully vested on the fourth anniversary of the recipient’s start date, subject to the employee’s continued employment with Adicet on such vesting dates.

The above-described award was granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan (the Inducement Plan), which was adopted by the board of directors in January 2022 and subsequently amended in January 2023. The award was authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employee entering into employment with Adicet in accordance with Nasdaq Listing Rule 5635(c)(4).

About Adicet Bio, Inc.

Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs), to facilitate durable activity in patients. For more information, please visit our website at https://www.adicetbio.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229037082/en/

Adicet Bio, Inc.

Investor and Media Contacts

Anne Bowdidge

abowdidge@adicetbio.com

Janhavi Mohite

Stern Investor Relations, Inc.

212-362-1200

janhavi.mohite@sternir.com

Source: Adicet Bio, Inc.

FAQ

When was the inducement award granted by Adicet Bio, Inc.?

Adicet granted the inducement award on February 29, 2024.

How many shares were included in the inducement award?

The inducement award consisted of 7,000 non-qualified stock options.

What is the exercise price per share for the stock options?

The exercise price for the stock options is $2.35 per share.

How will the shares underlying the employee's option vest?

One-fourth of the shares will vest on the one-year anniversary, with the remaining three-fourths vesting in thirty-six equal monthly installments, fully vesting on the fourth anniversary, contingent on continued employment.

Under which plan was the award granted by Adicet Bio, Inc.?

The award was granted under Adicet's 2022 Inducement Plan, outside of the regular equity incentive plans.