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

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) announced equity awards granted to three new employees as an inducement for their acceptance of employment. The awards include options to purchase a total of 112,526 shares, with exercise prices set at $32.02 and $34.11 for options granted on May 1 and May 4, 2020, respectively. The options will vest over four years, contingent on continued employment with the company. This grant was consistent with Nasdaq Listing Rule 5635(c)(4) and was approved in earlier months prior to the awards.

Positive

• Grant of equity awards to new employees may enhance talent acquisition.
• Options granted are at market value, indicating no immediate dilution.

Negative

• No significant financial data provided to assess impact on stock performance.

WALTHAM, Mass., May 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 three new employees with grant dates of May 1, 2020 and May 4, 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 awards were approved on February 4, 2020, March 18, 2020 and April 7, 2020, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 112,526 shares of Apellis common stock. 8,250 of these options have an exercise price of $32.02 per share, which is equal to the closing price of Apellis common stock on May 1, 2020, the grant date of these options. 104,276 of these options have an exercise price of $34.11 per share, which is equal to the closing price of Apellis common stock on May 4, 2020, the grant date of these options. 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, such as the statements regarding the timing of enrollment of clinical trials, 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; uncertainties regarding the impact of the COVID-19 pandemic on the company’s business and operations, including the timing and conduct of its ongoing clinical trials, including its DERBY and OAKS trials; whether preliminary or interim results from a clinical trial such as the results presented in this will be predictive of the final results of the trial or of other trials; 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 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 April 29, 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 May 1 and May 4, 2020?

Apellis granted options to purchase a total of 112,526 shares of common stock to three new employees, with exercise prices of $32.02 and $34.11.

How do the equity awards granted affect Apellis Pharmaceuticals employees?

The options vest over four years, providing employees an incentive to remain with the company.

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

The equity awards serve as an inducement for the new employees' acceptance of employment.

Which company announced the equity awards on May 7, 2020?

Apellis Pharmaceuticals announced the equity awards on May 7, 2020.