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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced the approval of equity awards for two new employees on March 1, 2021. The grants, consisting of options for 33,650 shares and 825 restricted stock units (RSUs), are part of the 2021 Inducement Stock Incentive Plan. The options have an exercise price of $47.68, matching the closing price on the grant date. Vesting is structured over four years, with a quarterly vesting schedule for options and annual vesting for RSUs. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to enhance talent acquisition.

Positive

• Equity awards granted to new employees may enhance talent acquisition and retention.
• The structure of the equity awards could motivate employees to contribute towards long-term company goals.

Negative

• None.

WALTHAM, Mass., March 05, 2021 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS), a global biopharmaceutical company and leader in targeted C3 therapies, today announced that the company approved the grant of equity awards to two new employees with grant date of March 1, 2021, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2021 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 33,650 shares of Apellis common stock and 825 restricted stock units (RSUs). The options have an exercise price of $47.68, which is equal to the closing price of Apellis common stock on March 1, 2021, 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 transformative therapies for a broad range of debilitating diseases that are driven by excessive activation of the complement cascade, including those within hematology, ophthalmology, nephrology, and neurology. For more information, please visit www.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 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 will receive approval from the FDA or equivalent foreign regulatory agencies for GA, PNH, CAD, C3G, IC-MPGN, ALS 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 November 2, 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:
Argot Partners
apellis@argotpartners.com
+1 212.600.1902

FAQ

What equity awards were granted by Apellis Pharmaceuticals to new employees?

Apellis Pharmaceuticals granted options to purchase 33,650 shares and 825 RSUs to two new employees.

What is the exercise price for the equity awards granted by Apellis Pharmaceuticals?

The exercise price for the options is $47.68, equal to the closing stock price on the grant date of March 1, 2021.

When do the equity awards vest for new employees at Apellis Pharmaceuticals?

The options vest quarterly over four years, and the RSUs vest 25% on the first anniversary and annually thereafter.

Which plan are the new equity awards at Apellis Pharmaceuticals part of?

The equity awards are granted under the 2021 Inducement Stock Incentive Plan.

What is the significance of the equity awards granted by Apellis Pharmaceuticals?

The equity awards are designed to attract and retain talent, aligning employee interests with company performance.