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

Rhea-AI Summary

Assembly Biosciences, Inc. (Nasdaq: ASMB) announced the grant of stock options to three new employees, totaling 38,000 shares at an exercise price of $5.79 per share. This incentive is part of the company's strategy to attract talent as they develop therapies targeting hepatitis B virus (HBV). The stock options have a ten-year term and vest over four years. These grants were made under the 2020 Inducement Award Plan and are approved by the Compensation Committee, aligning with Nasdaq Listing Rule 5635(c)(4).

Positive

• Granting stock options may enhance employee retention and motivation.
• Potential to attract skilled talent for ongoing HBV program.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Feb. 05, 2021 (GLOBE NEWSWIRE) -- Assembly Biosciences, Inc. (Nasdaq: ASMB), a clinical-stage biotechnology company developing innovative therapeutics targeting hepatitis B virus (HBV), today announced grants of stock options to three new employees to purchase an aggregate of 38,000 shares of the Company’s common stock with an exercise price of $5.79 per share, the closing price of Assembly Bio’s common stock on February 1, 2021. 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 Bio 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 Bio’s stockholder-approved equity incentive plans pursuant to Assembly Bio’s 2020 Inducement Award Plan. The stock option awards were approved by the Compensation Committee of Assembly Bio’s Board of Directors, which is comprised solely of independent directors, as a material inducement to entering into employment with Assembly Bio 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). 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.

For more information, visit assemblybio.com.

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

FAQ

What stock options were granted by Assembly Biosciences on February 5, 2021?

Assembly Biosciences granted 38,000 stock options to three new employees at an exercise price of $5.79 per share.

What is the purpose of the stock options granted by Assembly Biosciences?

The stock options were granted as material inducements to the new employees to accept job offers.

How long is the term for the stock options granted by Assembly Biosciences?

The stock options have a ten-year term and vest over four years.

What are the conditions for the stock options granted to new employees at Assembly Biosciences?

The stock options are subject to the employees' continued service and certain events outlined in the award agreements.