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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 February 28, 2023, to four employees hired in February 2023. These awards consist of non-qualified stock options totaling 105,400 shares at an exercise price of $7.88 per share, equal to the stock’s closing price on the grant date. Vesting is structured with 25% after one year and the remaining shares vesting in 36 equal monthly installments, dependent on continued employment. The awards were made under the company’s 2022 Inducement Plan, authorized by the board's independent compensation committee, in compliance with Nasdaq rules.
Positive
Inducement awards granted, incentivizing new hires.
Non-qualified stock options for 105,400 shares at an attractive exercise price of $7.88.
Negative
None.
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 February 28, 2023.
Four individuals hired by Adicet in February 2023 received, in the aggregate, non-qualified stock options to purchase 105,400 shares of Adicet’s common stock with an exercise price of $7.88 per share, the closing price of Adicet’s common stock as reported by Nasdaq on February 28, 2023. 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 (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 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.
What was announced by Adicet Bio on February 28, 2023?
Adicet Bio announced the granting of inducement awards to four new employees, comprising stock options for 105,400 shares.
What is the exercise price for the stock options granted by Adicet Bio?
The exercise price for the stock options is $7.88 per share.
How are the stock options from Adicet Bio structured?
The stock options vest 25% after one year and the remaining 75% in 36 equal monthly installments.
What is the significance of the 2022 Inducement Plan for Adicet Bio?
The 2022 Inducement Plan allows the company to grant stock options outside of stockholder-approved plans, offering flexibility in employee compensation.
