Assembly Biosciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Assembly Biosciences, Inc. (Nasdaq: ASMB) announced grants of stock options totaling 86,000 shares to five new employees, priced at $20.14 per share, the closing stock price on September 1, 2020. These options serve as material inducements for accepting employment at the company. The options have a ten-year term, vesting over four years with specific conditions for continued service and potential acceleration upon certain events. The compensation committee, comprised solely of independent directors, approved these awards outside of the stockholder-approved equity incentive plans.
- New stock option grants of 86,000 shares could enhance employee retention and attract talent.
- The exercise price set at $20.14 aligns with the recent market price, ensuring fair valuation.
- The issuance of stock options may lead to shareholder dilution if options are exercised.
- None of the granted employees are executive officers, which may not significantly impact operational leadership.
SOUTH SAN FRANCISCO, Calif., Sept. 04, 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 five new employees to purchase an aggregate of 86,000 shares of the Company’s common stock with an exercise price of
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
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