Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On May 4, 2021, Akebia Therapeutics (Nasdaq: AKBA) announced the grant of stock options to 9 new employees. A total of 197,200 shares were offered, each with an exercise price of $3.19, equal to the stock's closing price on April 30, 2021. The options will vest over four years, with 25% vesting on the first anniversary, and the remainder vesting quarterly. These grants comply with Nasdaq Listing Rule 5635(c)(4), intended to incentivize new hires.

Positive

• Inducement grants of 197,200 stock options to attract new talent.
• Exercise price of $3.19 matches the market closing price, ensuring no immediate loss for the company.

Negative

• None.

CAMBRIDGE, Mass., May 4, 2021 /PRNewswire/ -- Akebia Therapeutics, Inc. (Nasdaq: AKBA), a biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease, granted 9 newly-hired employees options to purchase an aggregate of 197,200 shares of Akebia's common stock on April 30, 2021, as inducements material to each such employee's entering into employment with Akebia. The options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $3.19 per share, which is equal to the closing price of Akebia's common stock on the grant date. Each stock option vests over four years, with 25% of the shares vesting on the first anniversary of the grant date and the remaining 75% of shares vesting quarterly thereafter, in each case, subject to the new employee's continued service with the company. Each stock option has a 10-year term and is subject to the terms and conditions of the company's Inducement Award Program and a stock option agreement covering the grant.

About Akebia Therapeutics
Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company with the purpose to better the lives of people impacted by kidney disease. The Company was founded in 2007 and is headquartered in Cambridge, Massachusetts. For more information, please visit our website at www.akebia.com, which does not form a part of this release.

Akebia Therapeutics Contact
Kristen K. Sheppard, Esq.
ir@akebia.com 

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SOURCE Akebia Therapeutics

FAQ

What is the stock option grant by Akebia Therapeutics on April 30, 2021?

Akebia granted stock options for 197,200 shares to 9 new employees with an exercise price of $3.19.

How long will the stock options granted by Akebia vest?

The options will vest over four years, with 25% vesting on the first anniversary and the rest quarterly.

What rule did Akebia Therapeutics follow for the stock option grants?

The grants comply with Nasdaq Listing Rule 5635(c)(4).

What is the purpose of the stock option grants made by Akebia?

The stock options are intended to incentivize new employees as part of their employment agreements.