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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced the approval of an equity inducement award for a new employee on August 17, 2020. This award, compliant with Nasdaq Listing Rule 5635(c)(4), involves options to purchase 111,560 shares of common stock at an exercise price of $29.76, equal to the stock's closing price on the grant date. The shares will vest over four years, contingent on the employee's continued employment. This move reflects Apellis' strategic approach to talent acquisition in the competitive biopharmaceutical sector.

Positive

• Granting equity awards aids in attracting and retaining talent.
• The exercise price aligns with the current market price, indicating fair valuation.

Negative

• Share options may dilute existing shareholders' equity over time.

WALTHAM, Mass., Aug. 21, 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 August 17, 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 employee’s acceptance of employment with the company. The equity award was approved on April 20, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received an option to purchase 111,560 shares of Apellis common stock. The option has an exercise price of $29.76, which is equal to the closing price of Apellis common stock on August 17, 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 grant date 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 grant date, 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. 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 is the recent equity award announced by Apellis Pharmaceuticals?

Apellis Pharmaceuticals approved an equity inducement award for a new employee, granting options for 111,560 shares at an exercise price of $29.76.

When was the equity award for Apellis Pharmaceuticals granted?

The equity award was granted on August 17, 2020.

How does the equity award affect Apellis Pharmaceuticals' shares?

The equity award can potentially dilute existing shareholders' equity as shares become vested.

What is the vesting schedule for the equity award at Apellis Pharmaceuticals?

The shares will vest over four years, with one-fourth vesting on the first anniversary of the grant date, and the remaining shares vesting monthly thereafter.