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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) has granted an equity inducement award to a new employee, comprising an option to purchase 23,216 shares of common stock at an exercise price of $33.94, equal to the stock's closing price on the grant date, May 26, 2020. The award was approved on April 30, 2020, in compliance with Nasdaq Listing Rule 5635(c)(4). The shares will vest over four years, with one-fourth vesting on the one-year employment anniversary and the remainder vesting monthly thereafter.

Positive

• Granting of 23,216 shares to attract top talent.
• Equity award aligns employee's interests with company performance.

Negative

• No immediate financial impact reported from the equity grant.

WALTHAM, Mass., May 29, 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 an equity award to a new employee with a grant date of May 26, 2020, as an equity inducement award outside of the company's 2017 Stock Incentive Plan and material to the employee’s acceptance of employment with the company. The equity award was approved on April 30, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received an option to purchase 23,216 shares of Apellis common stock. The option has an exercise price of $33.94, which is equal to the closing price of Apellis common stock on May 26, 2020, the grant date of the option. One-fourth of the shares underlying the employee option will vest on the one year anniversary of the employee’s date of employment and thereafter 1/48th of the shares underlying the employee option will vest monthly, such that the shares underlying the option granted to the employee will be fully vested on the fourth anniversary of the employee’s date of hire, subject to the employee’s 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, 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 anticipated closing date. 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 the uncertainties related to market conditions and the completion of the private placement on the anticipated terms or at all, the uncertainties related to the satisfaction of closing conditions for the sale of the notes, the other factors discussed in the “Risk Factors” section of Apellis’ Quarterly Report on Form 10-Q filed with the SEC on April 29, 2020 and the risks described in other filings that Apellis may make with the SEC. 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 is the recent equity grant by Apellis Pharmaceuticals (APLS)?

Apellis Pharmaceuticals granted an equity inducement award for 23,216 shares at an exercise price of $33.94 to a new employee on May 26, 2020.

How does the equity award structure work for the new employee at Apellis (APLS)?

The equity award vests one-fourth after one year and then monthly over the next three years, fully vesting by the fourth anniversary of employment.

What is the significance of the equity award granted by APLS?

The equity award is intended to attract a new employee and align their interests with the company's long-term performance.