Assembly Biosciences Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Assembly Biosciences (Nasdaq: ASMB) announced the grant of stock options to three new employees, totaling 26,000 shares at an exercise price of $5.05 per share. This initiative serves as a material inducement for the new hires to join the company. The options carry a ten-year term and vest over four years, with a quarter vesting on the first anniversary. The grants adhere to Nasdaq Listing Rule 5635(c)(4) and are part of Assembly Bio's 2020 Inducement Award Plan, approved by the Compensation Committee, which comprises only independent directors.
- Grant of 26,000 stock options to new employees promotes recruitment.
- Stock options exercise price set at $5.05, reflecting recent closing price.
- Options have a ten-year term and a structured vesting schedule.
- None.
SOUTH SAN FRANCISCO, Calif., March 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 26,000 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 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 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
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