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

Rhea-AI Summary

Adicet Bio announced inducement grants under Nasdaq Listing Rule 5635(c)(4) on June 28, 2024. The biotechnology company, focusing on allogeneic gamma delta T cell therapies for autoimmune diseases and cancer, granted stock options to two newly hired employees. These options, totaling 46,800 shares at an exercise price of $1.21 per share, will vest over four years, with one-fourth vesting after one year and the remainder vesting in equal monthly installments over the next three years. The awards, granted outside the company's stockholder-approved equity plans, were authorized by the compensation committee as a material inducement for the new hires.

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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 June 28, 2024.

Two individuals were hired by Adicet in June 2024. In the aggregate, Adicet granted new hires non-qualified stock options to purchase 46,800 shares of Adicet’s common stock with an exercise price of $1.21 per share, the closing price of Adicet’s common stock as reported by Nasdaq on June 28, 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/20240628376872/en/

Adicet Bio, Inc.

Investor and Media Contacts



Anne Bowdidge

abowdidge@adicetbio.com



Janhavi Mohite

Precision AQ

212-362-1200

janhavi.mohite@precisionaq.com

Source: Adicet Bio, Inc.

FAQ

What are the details of Adicet Bio's inducement grants announced on June 28, 2024?

Adicet Bio granted non-qualified stock options for 46,800 shares at $1.21 per share to two new hires. The options vest over four years, with one-fourth vesting after one year and the rest in equal monthly installments.

How many shares did Adicet Bio grant as inducement awards in June 2024?

Adicet Bio granted stock options for 46,800 shares to two newly hired employees.

What is the exercise price for Adicet Bio's inducement grants on June 28, 2024?

The exercise price for the inducement grants is $1.21 per share.

When will the stock options granted by Adicet Bio fully vest?

The stock options will fully vest on the fourth anniversary of the employee's start date, with vesting in equal monthly installments after the first year.

Under which plan were the inducement awards granted by Adicet Bio?

The inducement awards were granted under Adicet Bio's 2022 Inducement Plan, amended in January 2023.