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

Rhea-AI Summary

Apellis Pharmaceuticals has granted equity awards to four new employees as an inducement to join the company. The awards, totaling options for 25,962 shares and 4,275 restricted stock units (RSUs), were approved under the 2020 Inducement Stock Incentive Plan. The options have an exercise price of $31.77, equal to the stock's closing price on the grant date, October 1, 2020. Vesting for options occurs yearly after the first year, while RSUs vest at 25% annually. This initiative aims to enhance workforce engagement and retention.

Positive

• Equity awards granted to four new employees to strengthen talent acquisition.
• Options granted have an exercise price aligned with the current market value, potentially enhancing employee motivation.

Negative

• None.

WALTHAM, Mass., Oct. 07, 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 equity awards to four new employees with grant date of October 1, 2020, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2020 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved on July 1, 2020, September 8, 2020, September 11, 2020, and September 25, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase 25,962 shares of Apellis common stock and 4,275 restricted stock units (RSUs). The options have an exercise price of $31.77, which is equal to the closing price of Apellis common stock on October 1, 2020, the grant date of the options. One-fourth of the shares underlying the employee options will vest on the one year anniversary of the grant date and thereafter 1/48th of the shares underlying the employee options will vest monthly, such that the shares underlying the options granted to the employees will be fully vested on the fourth anniversary of the grant date, subject to the employees’ continued employment with Apellis on such vesting dates.   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 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 equity awards were granted by Apellis Pharmaceuticals on October 1, 2020?

Apellis Pharmaceuticals granted options for 25,962 shares and 4,275 RSUs to four new employees.

What is the exercise price of the options granted to new employees?

The options have an exercise price of $31.77, matching the stock's closing price on the grant date.

What is the vesting schedule for the equity awards granted?

Options vest one-fourth on the first anniversary and monthly thereafter over four years; RSUs vest at 25% annually.

How do the equity awards align with Nasdaq rules?

The awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4), aimed at employee recruitment.

What is the purpose of granting equity awards at Apellis?

The equity awards are intended to enhance employee retention and engagement.