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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced the grant of equity awards to six new employees, effective July 1, 2022. This grant comprised options to purchase 20,295 restricted stock units (RSUs), which will vest 25% annually over four years, contingent on the employees' continued employment. This equity inducement aligns with Nasdaq Listing Rule 5635(c)(4) and aims to facilitate employee recruitment and retention. Apellis continues to focus on delivering innovative therapies in complement medicine and advancing treatments for rare diseases.

Positive

• Granting of equity awards enhances employee recruitment and retention efforts.
• Total of 20,295 restricted stock units (RSUs) indicates company investment in new talent.

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• None.

WALTHAM Mass., July 06, 2022 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in complement, today announced that the company approved the grant of equity awards to six new employees with a grant date of July 1, 2022, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2022 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 20,295 restricted stock units (RSUs). Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date.

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 complement, we ushered in the first new class of complement medicine in 15 years with the approval of the first and only targeted C3 therapy. We are advancing this science to continually develop transformative medicines for people living with rare, retinal, and neurological diseases. For more information, please visit http://apellis.com or follow us on Twitter and LinkedIn.

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. 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 discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q with the Securities and Exchange Commission on May 4, 2022 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:
Meredith Kaya
meredith.kaya@apellis.com
617.599.8178

FAQ

What equity awards did Apellis Pharmaceuticals grant in July 2022?

In July 2022, Apellis Pharmaceuticals granted options to purchase 20,295 restricted stock units (RSUs) to six new employees.

What is the vesting schedule for the RSUs granted by Apellis?

Each RSU will vest 25% on the first anniversary of the grant date, with additional 25% vesting each year thereafter, subject to continued employment.

What is the purpose of the equity awards granted by Apellis?

The equity awards are designed to facilitate recruitment and retention of new employees as part of the company's compensation strategy.

Why did Apellis Pharmaceuticals issue these equity awards?

The equity awards were issued to comply with Nasdaq Listing Rule 5635(c)(4) and to incentivize new hires.