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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 company, announced the granting of inducement awards on July 29, 2022, to seven new employees as part of its 2022 Inducement Plan. These awards consist of non-qualified stock options for a total of 87,000 shares at an exercise price of $16.89 each, corresponding to the stock's closing price on the grant date. The options will vest over four years, with one-fourth vesting on the one-year anniversary of the employees' start dates. This action is a strategic move to enhance employment incentives and attract talent in line with Nasdaq rules.
Positive
Granting of inducement awards to seven new employees enhances talent acquisition.
Non-qualified stock options for 87,000 shares at $16.89 provide potentially valuable incentives.
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 July 29, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to seven individuals hired by Adicet in July 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 87,000 shares of Adicet’s common stock with an exercise price of $16.89 per share, the closing price of Adicet’s common stock as reported by Nasdaq on July 29, 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.
When were the inducement awards granted to Adicet Bio employees?
The inducement awards were granted on July 29, 2022.
How many shares were included in the inducement awards for Adicet Bio employees?
The inducement awards included a total of 87,000 shares.
What is the exercise price for the stock options granted to Adicet Bio employees?
The exercise price for the stock options is $16.89 per share.
What is the vesting schedule for the stock options granted by Adicet Bio?
One-fourth of the shares will vest on the one-year anniversary of the employee's start date, with the remaining shares vesting in thirty-six equal monthly installments.
