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

Rhea-AI Summary

Adicet Bio (NASDAQ: ACET) has announced inducement grants awarded on January 31, 2025. The company granted stock options to two new employees hired in January 2025, totaling 28,600 shares at an exercise price of $0.89 per share. Additionally, Dr. Julie Maltzman, the newly appointed Chief Medical Officer, received an inducement award of options to purchase 750,000 shares at the same exercise price.

The vesting schedule for all grants follows a four-year pattern: 25% vests after one year, with the remaining 75% vesting in 36 monthly installments, subject to continued employment. These awards were granted outside the company's stockholder-approved equity incentive plans through Adicet's 2022 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Successful recruitment of new Chief Medical Officer, strengthening executive team
• Implementation of structured equity compensation plan to attract and retain talent

Negative

• Stock options granted at $0.89 per share indicate significant share price decline
• Substantial dilution potential with 778,600 new shares under option

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 inducement awards on January 31, 2025.

Two individuals were hired by Adicet in January 2025. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 28,600 shares of Adicet’s common stock with an exercise price of $0.89 per share, the closing price of Adicet’s common stock as reported by Nasdaq on January 31, 2025. 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.

In addition, effective as of January 31, 2025, the board of directors approved an inducement award of non-statutory stock options to Julie Maltzman, M.D., Adicet’s newly appointed Chief Medical Officer, to purchase 750,000 shares of Adicet’s common stock with an exercise price of $0.89 per share, the closing price of Adicet’s common stock as reported by Nasdaq on January 31, 2025. One-fourth of the shares underlying Dr. Maltzman’s option will vest on the one-year anniversary of December 7, 2024 and thereafter the remaining three-fourths of the shares underlying the option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to Dr. Maltzman will be fully vested on the fourth anniversary of December 7, 2024, subject to Dr. Maltzman’s continued employment with Adicet on each such vesting date. The options are subject to the terms and conditions of the award agreement covering the grant.

All of the above-described awards were 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 awards were authorized by a majority of Adicet’s independent directors or 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 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/20250131113740/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 is the exercise price of ACET's January 2025 inducement grants?

The exercise price for all inducement grants issued by Adicet Bio on January 31, 2025, is $0.89 per share, which was the closing price of ACET stock on that date.

How many shares were granted to ACET's new Chief Medical Officer?

Dr. Julie Maltzman, Adicet Bio's new Chief Medical Officer, received options to purchase 750,000 shares of common stock.

What is the vesting schedule for ACET's January 2025 inducement grants?

The options vest over four years, with 25% vesting after one year and the remaining 75% vesting in 36 monthly installments, subject to continued employment.

How many new employees received ACET stock options in January 2025?

Two new employees received stock options in January 2025, totaling 28,600 shares, in addition to the Chief Medical Officer's grant.