Apellis Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced the approval of equity awards for two new employees, granted on August 3, 2020. The awards consist of options to purchase 13,400 shares at an exercise price of $27.72, equivalent to the stock's closing price on the grant date. These options will vest over four years, starting with 25% after the first year. This move aims to incentivize employee retention and align interests with shareholders. The announcement adheres to Nasdaq regulations, reflecting the company’s commitment to attracting talent as it develops targeted C3 therapies.

Positive

• Equity awards granted to new employees, potentially enhancing retention and motivation.
• Options priced at closing market value, aligning employee interests with shareholders.

Negative

• None.

WALTHAM, Mass., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company pioneering targeted C3 therapies, today announced that the company approved the grant of equity awards to two new employees with grant date of August 3, 2020, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2020 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved on March 26, 2020 and March 27, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 13,400 shares of Apellis common stock. The options have an exercise price of $27.72, which is equal to the closing price of Apellis common stock on August 3, 2020, the grant date of the options. One-fourth of the shares underlying the employee options will vest on the one year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ continued employment with Apellis on such vesting dates.

About Apellis
Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that is committed to leveraging courageous science, creativity, and compassion to deliver life-changing therapies. Leaders in targeted C3 therapies, we aim to develop best-in-class and first-in-class therapies for a broad range of debilitating diseases that are driven by uncontrolled or excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology. For more information, please visit http://apellis.com.

Apellis Forward-Looking Statement
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the implications of preliminary clinical data. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: whether the company’s clinical trials will be fully enrolled and completed when anticipated; whether preliminary or interim results from a clinical trial will be predictive of the final results of the trial; whether results obtained in preclinical studies and clinical trials will be indicative of results that will be generated in future clinical trials; whether pegcetacoplan or APL-9 will successfully advance through the clinical trial process on a timely basis, or at all; whether the results of the company’s clinical trials will warrant regulatory submissions and whether pegcetacoplan or APL-9 will receive approval from the FDA or equivalent foreign regulatory agencies for GA, PNH, CAD, C3G, COVID-19 with respiratory failure including ARDS or any other indication when expected or at all; whether, if Apellis’ products receive approval, they will be successfully distributed and marketed; and other factors discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 30, 2020 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Contact:
Sam Martin / Maghan Meyers
Argot Partners
sam@argotpartners.com / maghan@argotpartners.com
212.600.1902

FAQ

What equity awards did Apellis Pharmaceuticals grant on August 3, 2020?

Apellis Pharmaceuticals granted options to purchase 13,400 shares at an exercise price of $27.72.

How will the equity awards vest for Apellis employees?

The options will vest 25% on the first anniversary, then 1/48th monthly over the next three years.

What is the significance of the employee equity awards for APLS investors?

These awards may enhance employee retention and align their interests with those of shareholders.

Under what plan were the equity awards for Apellis employees issued?

The awards were granted under the 2020 Inducement Stock Incentive Plan.

Is there any risk associated with the equity awards granted by Apellis?

The potential risk lies in the effectiveness of the stock incentive in retaining talent and driving performance.