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

Rhea-AI Summary

Adicet Bio, Inc. granted an inducement award on March 28, 2024, to a new employee, providing non-qualified stock options to purchase 99,400 shares at $2.35 per share. The vesting schedule spans four years, with gradual vesting over monthly installments. The award was granted outside of the equity incentive plans under the 2022 Inducement Plan.

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 March 28, 2024.

One individual was hired by Adicet in March 2024 and granted new hire non-qualified stock options to purchase 99,400 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 March 28, 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.

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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

What type of company is Adicet Bio, Inc.?

Adicet Bio, Inc. is a clinical stage biotechnology company focusing on discovering and developing allogeneic gamma delta T cell therapies for autoimmune diseases and cancer.

When was the inducement award granted?

The inducement award was granted on March 28, 2024.

How many shares were included in the inducement award?

The inducement award included non-qualified stock options to purchase 99,400 shares.

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

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

What is the vesting schedule for the stock options?

The shares underlying the employee's option will vest over four years, with one-fourth vesting on the one-year anniversary and the remaining three-fourths vesting in thirty-six monthly installments.

Under which plan was the award granted?

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