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

Rhea-AI Summary

Assembly Biosciences (Nasdaq: ASMB) announced stock options granted to six new employees, totaling 106,520 shares at an exercise price of $4.03, the closing price on June 1, 2021. These options serve as inducements for employment and have a ten-year term with a four-year vesting schedule. The options were approved by the Compensation Committee as per Nasdaq regulations and fall under the 2017 Inducement Award Plan. Assembly Bio focuses on innovative therapeutics for hepatitis B, aiming to develop curative therapies for the 270 million global patients.

Positive

• Granting 106,520 stock options indicates strong employee recruitment efforts.
• Exercise price of $4.03 aligns with the recent market price, making it favorable for new hires.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., June 04, 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 six new employees to purchase an aggregate of 106,520 shares of the Company’s common stock with an exercise price of $4.03 per share, the closing price of Assembly Bio’s common stock on June 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 2017 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 Bio is a clinical-stage biotechnology company committed to bringing finite and curative therapies to the 270 million people living with hepatitis B virus (HBV) worldwide. A pioneer in the development of a new class of potent, oral core inhibitor drug candidates, Assembly Bio’s approach aims to break the complex viral replication cycle of HBV to free patients from a lifetime of therapy. Assembly Bio’s strategy toward cure includes a leading portfolio of more potent, next-generation core inhibitors, proof-of-concept combination studies and a research program focused on the discovery of novel HBV targets. 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 are the stock options granted by Assembly Biosciences (ASMB) about?

Assembly Biosciences granted stock options totaling 106,520 shares to six new employees, with an exercise price of $4.03, aimed at attracting talent.

How long is the vesting period for the stock options at Assembly Biosciences?

The stock options have a ten-year term and vest over four years, with one-fourth vesting on the first anniversary.

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

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

Under which plan were the stock options granted at Assembly Biosciences?

The stock options were granted outside of shareholder-approved plans, under Assembly Bio's 2017 Inducement Award Plan.

What does Assembly Biosciences specialize in?

Assembly Biosciences is focused on developing innovative therapeutics targeting hepatitis B virus (HBV) and aims to create curative therapies.