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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced on March 6, 2023, the approval of equity awards for six new employees, granted on March 1, 2023. The awards, consisting of 19,495 restricted stock units (RSUs), are part of the 2022 Inducement Stock Incentive Plan and were essential for the employees’ acceptance of their positions. Each RSU will vest in increments of 25% annually, contingent on continuous employment. This move aligns with Nasdaq Listing Rule 5635(c)(4) and showcases Apellis’ commitment to attracting talent for advancing its work in complement medicine.

Positive

• Granting of 19,495 RSUs emphasizes Apellis' strategy to attract skilled employees.
• Equity awards align with Nasdaq Listing Rules enhancing corporate governance.

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• None.

WALTHAM Mass., March 06, 2023 (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 6 new employees with a grant date of March 1, 2023, 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 19,495 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, as discussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K with the Securities and Exchange Commission on February 21, 2023 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 are the details of the equity awards announced by Apellis Pharmaceuticals on March 6, 2023?

Apellis granted equity awards for 19,495 restricted stock units (RSUs) to six new employees on March 1, 2023, as part of their Inducement Stock Incentive Plan.

How do the RSUs vest for Apellis Pharmaceuticals' new employees?

The RSUs vest 25% annually, starting from the first anniversary of the grant date, contingent on the employee's continuous employment.

What is the significance of the equity awards for Apellis Pharmaceuticals?

The equity awards are crucial for attracting talent to the company and comply with Nasdaq Listing Rule 5635(c)(4).