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

Rhea-AI Summary

Adicet Bio (Nasdaq: ACET) announced inducement grants to three new employees hired in October 2024. The company granted non-qualified stock options to purchase 59,800 shares at an exercise price of $1.28 per share. The vesting schedule includes 25% after one year, with the remaining 75% vesting monthly over three years. These awards were granted under Adicet's 2022 Inducement Plan, approved by the compensation committee as material inducement for employment in accordance with Nasdaq Rule 5635(c)(4).

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 October 31, 2024.

Three individuals were hired by Adicet in October 2024. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 59,800 shares of Adicet’s common stock with an exercise price of $1.28 per share, the closing price of Adicet’s common stock as reported by Nasdaq on October 31, 2024. 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 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/20241031738321/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 was the exercise price for Adicet Bio's (ACET) inducement grants in October 2024?

The exercise price for Adicet Bio's inducement grants was $1.28 per share, matching the closing price of Adicet's common stock on October 31, 2024.

How many shares were included in Adicet Bio's (ACET) October 2024 inducement grants?

Adicet Bio granted non-qualified stock options to purchase 59,800 shares of common stock to three new employees.

What is the vesting schedule for Adicet Bio's (ACET) October 2024 inducement grants?

The vesting schedule includes 25% after one year, with the remaining 75% vesting in 36 monthly installments over the following three years, completing on the fourth anniversary.