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 totaling 13,000 shares to two new employees at an exercise price of $23.08 per share, as of August 3, 2020. The options, which are part of the 2020 Inducement Award Plan, have a ten-year term and will vest over four years. This move aims to incentivize the new hires and is compliant with Nasdaq's regulations. The company focuses on developing therapeutics for hepatitis B virus and microbiome-related diseases.

Positive

• Grant of 13,000 stock options to new employees, incentivizing talent acquisition.
• Stock options priced at $23.08, aligning with recent market performance.
• Long vesting period of four years encourages employee retention.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Aug. 07, 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 two new employees to purchase an aggregate of 13,000 shares of the Company’s common stock with an exercise price of $23.08 per share, the closing price of Assembly’s common stock on August 3, 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 did Assembly Biosciences announce on August 7, 2020?

Assembly Biosciences announced the grant of stock options to two new employees, totaling 13,000 shares at an exercise price of $23.08 per share.

How many shares were granted as stock options by Assembly Biosciences?

A total of 13,000 shares were granted to two new employees.

What is the exercise price of the stock options granted by ASMB?

The exercise price of the stock options is $23.08 per share.

What is the vesting schedule for the stock options at Assembly Biosciences?

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