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Adicet Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Adicet Bio, Inc. (NASDAQ: ACET) announced the granting of inducement awards on October 31, 2022, to 12 new hires under its 2022 Inducement Plan. The awards include non-qualified stock options to purchase 251,600 shares of common stock at an exercise price of $16.49 per share. Vesting will occur over four years, with one-fourth vesting after one year and the remainder in thirty-six equal monthly installments, contingent on continued employment. The inducement plan was approved by an independent board committee.
Positive
Inducement awards granted to 12 new employees can enhance talent acquisition.
The exercise price of $16.49 is aligned with the closing price on the grant date.
Negative
The long vesting period may not provide immediate incentives for new employees.
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 inducement awards on October 31, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to 12 individuals hired by Adicet in October 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 251,600 shares of Adicet’s common stock with an exercise price of $16.49 per share, the closing price of Adicet’s common stock as reported by Nasdaq on October 31, 2022. One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of each recipient’s start date and thereafter the remaining three-fourths of the shares underlying each employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the recipient’s start date, in each case, subject to each such employee’s continued employment with Adicet on such vesting dates.
All of the above-described awards were granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan, which was adopted by the board of directors in January 2022. The awards were authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employees 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) and adaptors (CAds), 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.
