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

Rhea-AI Summary

Assembly Biosciences (ASMB), a clinical-stage biotechnology company, announced the grant of stock options to three new employees for a total of 21,520 shares at an exercise price of $3.82. The options have a ten-year term and will vest over four years. This grant is part of Assembly Bio's 2020 Inducement Award Plan and aims to support the hiring of new talent as part of their commitment to developing innovative therapeutics for hepatitis B virus (HBV). The approval was made by the Compensation Committee, consisting of independent directors.

Positive

• Grant of 21,520 stock options to new employees, potentially enhancing workforce stability and talent acquisition.
• Stock options are part of the 2020 Inducement Award Plan, aligning employee incentives with company goals.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., July 02, 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 21,520 shares of the Company’s common stock with an exercise price of $3.82 per share, the closing price of Assembly Bio’s common stock on July 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 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

FAQ

What is the significance of the stock options granted by Assembly Biosciences on July 2, 2021?

The stock options are significant as they are granted to new employees to incentivize their acceptance of job offers, enhancing the company's talent pool.

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

The exercise price for the stock options granted is $3.82 per share, based on the closing stock price on July 1, 2021.

How long is the term for the stock options awarded to new employees of Assembly Biosciences?

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

Who approved the stock option grants at Assembly Biosciences?

The stock option grants were approved by the Compensation Committee comprised solely of independent directors.

What does the stock option grant indicate about Assembly Biosciences' hiring strategy?

The stock option grant indicates that Assembly Biosciences is actively working to attract and retain talent as part of its growth strategy.