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

Rhea-AI Summary

Adicet Bio (Nasdaq: ACET) announced an inducement grant awarded on November 29, 2024. The company granted one new employee non-qualified stock options to purchase 6,000 shares at an exercise price of $1.13 per share. The shares will vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the following three years. The grant was made under Adicet's 2022 Inducement Plan and approved by the compensation committee as a material inducement for employment in accordance with Nasdaq Rule 5635(c)(4).

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 November 29, 2024.

One individual was hired by Adicet in November 2024 and granted new hire non-qualified stock options to purchase 6,000 shares of Adicet’s common stock with an exercise price of $1.13 per share, the closing price of Adicet’s common stock as reported by Nasdaq on November 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/20241129244517/en/

Adicet Bio, Inc.

Investor and Media Contacts

Investors:

Anne Bowdidge

abowdidge@adicetbio.com

Janhavi Mohite

Precision AQ

212-362-1200

janhavi.mohite@precisionaq.com

Media:

Kerry Beth Daly

kbdaly@adicetbio.com

Source: Adicet Bio, Inc.

FAQ

What was the exercise price of Adicet Bio's (ACET) inducement grant on November 29, 2024?

The exercise price of the inducement grant was $1.13 per share, which was the closing price of Adicet's common stock on Nasdaq on November 29, 2024.

How many shares were included in Adicet Bio's (ACET) November 2024 inducement grant?

The inducement grant included options to purchase 6,000 shares of Adicet's common stock.

What is the vesting schedule for Adicet Bio's (ACET) November 2024 inducement grant?

The options vest over four years, with 25% vesting after one year and the remaining 75% vesting in 36 equal monthly installments over the following three years.