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

Rhea-AI Summary

Adicet Bio, Inc. (Nasdaq: ACET) granted an inducement award to a new employee, providing 84,000 non-qualified stock options at an exercise price of $1.89 per share. The options will vest over a four-year period, subject to the employee's continued employment. The award was granted outside of Adicet's stockholder-approved equity incentive plans pursuant to the Inducement Plan adopted by the board of directors.

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 cancer, today announced it granted an inducement award on December 29, 2023.

One individual was hired by Adicet in December 2023 and granted new hire non-qualified stock options to purchase 84,000 shares of Adicet’s common stock with an exercise price of $1.89 per share, the closing price of Adicet’s common stock as reported by Nasdaq on December 29, 2023. 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 cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for 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/20231229199100/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

What is the ticker symbol for Adicet Bio, Inc.?

The ticker symbol for Adicet Bio, Inc. is ACET.

What type of therapies is Adicet Bio, Inc. developing?

Adicet Bio, Inc. is discovering and developing allogeneic gamma delta T cell therapies for cancer.

When will the options granted to the new employee at Adicet Bio, Inc. be fully vested?

The options granted to the new employee at Adicet Bio, Inc. will be fully vested on the fourth anniversary of the recipient's start date, subject to the employee's continued employment.

What is the Inducement Plan mentioned in the press release from Adicet Bio, Inc.?

The Inducement Plan is a plan adopted by the board of directors of Adicet Bio, Inc. outside of the stockholder-approved equity incentive plans, which allows for the granting of inducement awards to new employees.