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

Rhea-AI Summary

Assembly Biosciences (Nasdaq: ASMB) has announced the grant of stock options for 21,000 shares to three new employees, priced at $2.24 per share—the closing price on December 1, 2021. These stock options are intended as inducements for employment and have a ten-year term, vesting over four years. The grants were made outside of stockholder-approved plans, in accordance with Nasdaq Listing Rule 5635(c)(4), providing transparency in the induction process.

Positive

• Granting stock options may attract and retain talent, bolstering the workforce.
• Aligns employee interest with company performance through stock ownership.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Dec. 03, 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 21,000 shares of the Company’s common stock with an exercise price of $2.24 per share, the closing price of Assembly Bio’s common stock on December 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 stock options did Assembly Biosciences grant?

Assembly Biosciences granted stock options for 21,000 shares at an exercise price of $2.24 per share.

Why did Assembly Biosciences grant stock options?

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

How long do the stock options last?

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

What is the vesting schedule for the stock options?

One-fourth of the options vest on the first anniversary, with the remaining three-fourths vesting monthly.

What Nasdaq rule governs the stock option grants?

The grants are in accordance with Nasdaq Listing Rule 5635(c)(4).