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

Rhea-AI Summary

Adicet Bio, Inc. (Nasdaq: ACET) Grants Inducement Awards to New Hires: Adicet Bio, a biotechnology company, announced the granting of inducement awards to four new hires in July 2023. The awards consist of non-qualified stock options to purchase 73,400 shares of Adicet’s common stock at an exercise price of $2.67 per share. These awards were granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to the 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 cancer, today announced it granted inducement awards on July 31, 2023.

Four individuals were hired by Adicet in July 2023. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 73,400 shares of Adicet’s common stock with an exercise price of $2.67 per share, the closing price of Adicet’s common stock as reported by Nasdaq on July 31, 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 chimeric antigen 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.

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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 did Adicet Bio announce regarding new hires in July 2023?

Adicet Bio granted inducement awards to four new hires in July 2023, consisting of non-qualified stock options to purchase 73,400 shares of Adicet’s common stock.

What is the exercise price of the stock options granted to the new hires?

The exercise price of the stock options is $2.67 per share, based on the closing price of Adicet’s common stock as reported by Nasdaq on July 31, 2023.

How will the vesting of the stock options granted to the new hires occur?

One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of their start date, and the remaining three-fourths will vest in thirty-six substantially equal monthly installments, fully vesting on the fourth anniversary of the recipient’s start date, subject to continued employment with Adicet on such vesting dates.