Assembly Biosciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Assembly Biosciences, Inc. (ASMB) announced the grant of stock options to two new employees, totaling 31,520 shares at an exercise price of $17.29 per share, which was the closing price on October 1, 2020. These options have a ten-year term and vest over four years. The awards, approved by the Compensation Committee, are part of the 2020 Inducement Award Plan, as a material inducement for employment acceptance. The company is focused on developing therapeutics for hepatitis B virus (HBV) and microbiome-related diseases.

Positive

• Grant of stock options to two new employees indicates growth and recruitment efforts.
• Stock options serve as an incentive to retain talent, promoting long-term value.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Oct. 02, 2020 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV) and diseases associated with the microbiome, today announced grants of stock options to two new employees to purchase an aggregate of 31,520 shares of the Company’s common stock with an exercise price of $17.29 per share, the closing price of Assembly’s common stock on October 1, 2020. The stock options were granted as material inducements to the new employees to accept the Company’s offers of employment.

The stock options have a ten-year term and vest over four years, with one-fourth vesting on the first anniversary of the date of grant and the remaining three-fourths vesting in approximately equal monthly installments. The stock options are, in all cases, subject to the new employees’ continued service with Assembly through the applicable vesting dates and to acceleration upon the occurrence of certain events as set forth in the award agreements evidencing the stock options. None of the new employees are executive officers.

The stock options were granted outside of Assembly’s stockholder-approved equity incentive plans pursuant to Assembly’s 2020 Inducement Award Plan. The stock option awards were approved by the Compensation Committee of Assembly’s Board of Directors, which is comprised solely of independent directors, as a material inducement to entering into employment with Assembly in accordance with Nasdaq Listing Rule 5635(c)(4), which requires this public announcement.

About Assembly Biosciences
Assembly Biosciences, Inc. is a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV) and diseases associated with the microbiome. The HBV program is focused on advancing a new class of potent, oral core inhibitors that have the potential to increase cure rates for chronically infected patients. The microbiome program is developing novel oral live microbial biotherapeutic candidates with Assembly’s fully integrated platform, including a robust process for strain identification and selection, GMP banking and production, and targeted delivery to the lower gastrointestinal tract with the GEMICEL^® technology. For more information, visit assemblybio.com.

Contacts
Assembly Biosciences, Inc.
Lauren Glaser
Senior Vice President, Investor Relations and Corporate Affairs
(415) 521-3828
lglaser@assemblybio.com

FAQ

What is the significance of the stock options granted by Assembly Biosciences (ASMB) on October 2, 2020?

The stock options granted on October 2, 2020, reflect the company's efforts to attract and retain talent, which is crucial for its ongoing development in therapeutic innovations.

How many shares were granted in the stock option award for Assembly Biosciences (ASMB)?

Assembly Biosciences granted stock options for a total of 31,520 shares.

What was the exercise price for the stock options granted to employees at Assembly Biosciences (ASMB)?

The exercise price for the stock options granted was $17.29 per share.

How long is the term for the stock options awarded by Assembly Biosciences (ASMB)?

The stock options have a term of ten years.

What is the vesting schedule for the stock options granted by Assembly Biosciences (ASMB)?

The stock options vest over four years, with one-fourth vesting on the first anniversary and the remaining three-fourths vesting in approximately equal monthly installments.