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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) has granted equity awards to 8 new employees as equity inducement awards under the 2022 Inducement Stock Incentive Plan. The awards were approved on October 3, 2022, in compliance with Nasdaq Listing Rule 5635(c)(4). Each employee received options to purchase 38,840 restricted stock units (RSUs), which will vest annually over four years, contingent on continued employment. This move is part of Apellis' strategy to attract talent and enhance its strong position in the biopharmaceutical industry, particularly in complement medicine.

Positive

• Granting of equity awards to attract 8 new employees indicates Apellis' commitment to talent acquisition.
• The RSUs will vest over a four-year period, aligning employee interests with company performance.

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• None.

WALTHAM, Mass., Oct. 07, 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 8 new employees with a grant date of October 3, 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 38,840 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. These statements include, but are not limited to, statements regarding timing of anticipated regulatory submissions or decisions. 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 28, 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 were granted by Apellis Pharmaceuticals on October 3, 2022?

Apellis Pharmaceuticals granted equity awards to 8 new employees, including options to purchase 38,840 restricted stock units (RSUs).

How do the RSUs granted by Apellis Pharmaceuticals vest?

The RSUs will vest annually, with 25% vesting on the first anniversary of the grant date and an additional 25% vesting each year thereafter, contingent on continued employment.

What is the purpose of the equity inducement awards by Apellis Pharmaceuticals?

The equity inducement awards aim to attract new talent to the company and enhance its competitive position in the biopharmaceutical industry.

Which Nasdaq rule did Apellis Pharmaceuticals comply with when granting equity awards?

Apellis complied with Nasdaq Listing Rule 5635(c)(4) when granting the equity awards.