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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) has announced the grant of equity awards to four new employees, effective June 1, 2020. This grant is part of the 2020 Inducement Stock Incentive Plan, with the options to purchase 37,800 shares at an exercise price of $34.01. The awards will vest over four years, with a quarter vesting after one year and the remainder monthly thereafter. Additionally, the company highlights its commitment to advancing targeted C3 therapies for severe diseases.

Positive

• Granting of equity awards to attract new talent.
• Options priced at the closing stock price, ensuring alignment with shareholder interests.

Negative

• The press release did not disclose any significant financial updates or clinical trial outcomes, leaving investors without crucial information.

WALTHAM Mass., June 05, 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 four new employees with a grant date of June 1, 2020, as an equity inducement award 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 January 24, 2020, January 30, 2020, February 12, 2020 and April 8, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 37,800 shares of Apellis common stock. The options have an exercise price of $34.01, which is equal to the closing price of Apellis common stock on June 1, 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. By pioneering 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, and nephrology. For more information, please visit http://apellis.com.

Apellis Forward-Looking Statement
Statements in this press release about future expectations, plans and prospects, such as the statements regarding the timing of enrollment of clinical trials, 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; uncertainties regarding the impact of the COVID-19 pandemic on the company’s business and operations, including the timing and conduct of its ongoing clinical trials; whether preliminary or interim results from a clinical trial will be predictive of the final results of the trial or of other trials; whether results obtained in preclinical studies and clinical trials will be indicative of results that will be generated in future clinical trials; whether the results of the company’s clinical trials will warrant regulatory submissions and whether APL-9 will receive approval from the FDA or equivalent foreign regulatory agencies for respiratory failure secondary to COVID-19 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 April 29, 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 are the details of the equity awards granted by Apellis Pharmaceuticals on June 1, 2020?

Apellis granted equity awards for 37,800 shares at an exercise price of $34.01, vesting over four years.

Why did Apellis Pharmaceuticals grant equity awards to new employees?

The equity awards were a part of the 2020 Inducement Stock Incentive Plan to attract and retain new talent.

What is the significance of the exercise price for the equity awards granted by APLS?

The exercise price of $34.01 matches the closing price on the grant date, aligning employee incentives with shareholder value.

How do the equity awards affect APLS shareholders?

The equity awards can improve employee retention and performance, potentially benefiting shareholders in the long run.