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

Rhea-AI Summary

Assembly Biosciences (Nasdaq: ASMB) announced the grant of stock options for 112,600 shares to ten new employees, with an exercise price of $23.30 per share. This move aims to incentivize new hires and is in accordance with Nasdaq Listing Rule 5635(c)(4). The options are part of a ten-year term, vesting over four years. None of the new employees hold executive positions. The stock options were approved by the Compensation Committee and granted outside of the standard equity incentive plans, aligning with the company's strategy to enhance talent acquisition.

Positive

• Granting stock options to new employees may attract and retain talent.
• Options have a structured vesting schedule, promoting long-term commitment.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., July 02, 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 ten new employees to purchase an aggregate of 112,600 shares of the Company’s common stock with an exercise price of $23.30 per share, the closing price of Assembly’s common stock on July 1, 2020. 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 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

FAQ

What recent stock option grants were announced by Assembly Biosciences (ASMB)?

Assembly Biosciences announced stock options for 112,600 shares for ten new employees, with an exercise price of $23.30 per share.

What is the vesting schedule for the stock options granted by ASMB?

The stock options vest over four years, with one-fourth vesting on the first anniversary and the rest in monthly installments.

Who approved the stock option grants at Assembly Biosciences?

The stock option grants were approved by the Compensation Committee of Assembly's Board of Directors.

Are the new employees receiving stock options at ASMB executives?

No, none of the new employees receiving stock options are executive officers.