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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, a clinical-stage biotechnology firm, has announced the granting of inducement awards on June 30, 2022, to ten new employees. The awards consist of non-qualified stock options for a total of 85,200 shares, priced at $14.60 each, reflecting the stock's closing price on that date. The vesting schedule spans four years, with a quarter vesting on the one-year anniversary of each employee’s start date, and the remainder vesting in monthly installments. This initiative follows the 2022 Inducement Plan authorized by the board in January 2022.
Positive
Granting of 85,200 stock options for ten new employees may enhance employee retention and morale.
Stock options priced at $14.60 align with the company's market performance, potentially reflecting confidence in future growth.
Negative
None.
REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)--
Adicet Bio, Inc. (Nasdaq: ACET), a clinical-stage biotechnology company discovering and developing allogeneic gamma delta CAR T cell therapies for cancer, today announced it granted inducement awards on June 30, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to ten individuals hired by Adicet in June 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 85,200 shares of Adicet’s common stock with an exercise price of $14.60 per share, the closing price of Adicet’s common stock as reported by Nasdaq on June 30, 2022. 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, which was adopted by the board of directors in January 2022. 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 and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients.
What was the purpose of the inducement awards granted by Adicet Bio on June 30, 2022?
The inducement awards were granted to ten new employees as a material inducement to employment under Adicet's 2022 Inducement Plan.
How many shares were granted in the inducement awards on June 30, 2022?
A total of 85,200 shares were granted through non-qualified stock options.
What is the exercise price of the stock options granted to new employees of Adicet Bio?
The exercise price for the stock options is $14.60 per share.
What is the vesting schedule for the stock options granted by Adicet Bio?
One-fourth of the options vest on the one-year anniversary of each employee's start date, with the remaining shares vesting in thirty-six equal monthly installments.
What was the date of the stock option grants for employees at Adicet Bio?
