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

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Adicet Bio, Inc. (NASDAQ: ACET), a biotechnology company specializing in allogeneic gamma delta T cell therapies for cancer, announced on March 31, 2023, that it granted new hires stock options to purchase 237,400 shares at an exercise price of $5.76 each. This award was given to ten individuals hired in March 2023 and vests over four years, contingent upon continued employment. The awards were issued in accordance with the 2022 Inducement Plan, which was approved by the board of directors. This strategy aligns with Nasdaq rules aimed at incentivizing employee recruitment.

Positive
  • Granting of stock options to new hires, which can attract talent.
  • Inducement plan aligns with Nasdaq listing rules, showing compliance.
  • Potential for long-term employee retention with gradual vesting schedule.
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  • 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 March 31, 2023.

Ten individuals were hired by Adicet in March 2023. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 237,400 shares of Adicet’s common stock with an exercise price of $5.76 per share, the closing price of Adicet’s common stock as reported by Nasdaq on March 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.

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 stock options did Adicet Bio grant to new hires?

Adicet Bio granted stock options for 237,400 shares at an exercise price of $5.76.

When were the stock options granted by Adicet Bio?

The stock options were granted on March 31, 2023.

What is the significance of the Inducement Plan for Adicet Bio?

The Inducement Plan helps attract and retain talent by offering stock options as incentives.

How does the vesting schedule work for the stock options at Adicet Bio?

Shares will vest over four years, with one-fourth vesting after one year, and the remainder vesting in monthly installments.

Which Nasdaq rule did Adicet Bio comply with in granting stock options?

Adicet Bio complied with Nasdaq Listing Rule 5635(c)(4) regarding employee inducement awards.

Adicet Bio, Inc.

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Biotechnology
Pharmaceutical Preparations
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United States of America
BOSTON