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

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) announced on March 3, 2022, the grant of restricted stock units (RSUs) covering 16,000 shares to two newly-hired employees, effective March 1, 2022. The exercise price for these stock options is set at $12.21 per share, matching the closing price on the grant date. The RSUs will vest one-third annually, contingent on continued service. This grant complies with Nasdaq Listing Rule 5635(c)(4) and is part of Dynavax's 2021 Inducement Award Plan, aimed at attracting new talent.

Positive

• Granting of RSUs indicates commitment to attracting and retaining talent.
• RSUs are compliant with Nasdaq regulations, promoting corporate governance.

Negative

• None.

EMERYVILLE, Calif., March 3, 2022 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted restricted stock units (RSUs) covering an aggregate of 16,000 shares of Dynavax common stock as inducements to 2 newly-hired employees in connection with commencement of employment with the Company.

The stock options were granted on March 1, 2022, at an exercise price of $12.21 per share, which is equal to the closing price of Dynavax common stock on the date of grant. The RSUs vest one-third per year on each anniversary of the grant date, subject to continued service with Dynavax. The RSUs were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of an award agreement covering the grant and Dynavax' 2021 Inducement Award Plan, which was adopted January 9, 2021, and provides for the granting of RSUs to new employees.

About Dynavax

Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines to help protect the world against infectious diseases. The Company's first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. and the European Union for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. Dynavax is also advancing CpG 1018 adjuvant as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, plague, shingles, Tdap, seasonal influenza and universal influenza.  For more information, visit www.dynavax.com and follow the company on LinkedIn.

Contacts:
Nicole Arndt, Investor Relations and Corporate Communications
narndt@dynavax.com
510-665-7264

Derek Cole, President
Investor Relations Advisory Solutions
derek.cole@IRadvisory.com 

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SOURCE Dynavax Technologies

FAQ

What stock options has Dynavax granted recently?

Dynavax granted restricted stock units covering 16,000 shares to two new employees.

When were the RSUs granted by Dynavax?

The RSUs were granted on March 1, 2022.

What is the exercise price for Dynavax's RSUs?

The exercise price for the RSUs is $12.21 per share.

How do the RSUs vest for Dynavax employees?

The RSUs vest one-third per year on each anniversary of the grant date.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for Dynavax?

This rule allows Dynavax to grant RSUs as inducements for new employees.