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

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) announced the granting of restricted stock units (RSUs) covering 28,250 shares to five new employees as part of their employment incentive. The RSUs, granted on April 1, 2022, have an exercise price of $11.26 per share, matching the stock's closing price on the grant date. These RSUs will vest at a rate of one-third per year and comply with Nasdaq Listing Rule 5635(c)(4). Dynavax continues to focus on developing vaccines against infectious diseases, including its approved hepatitis B vaccine.

Positive

• Granted RSUs covering 28,250 shares as employee incentives.
• RSUs have an exercise price aligned with the market closing price.
• Focus on vaccine development signifies long-term growth potential.

Negative

• None.

EMERYVILLE, Calif., April 5, 2022 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted restricted stock units (RSUs) covering an aggregate of 28,250 shares of Dynavax common stock as inducements to 5 newly-hired employees in connection with commencement of employment with the Company.

The stock options were granted on April 1, 2022, at an exercise price of $11.26 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 are the details of Dynavax's RSU grants on April 1, 2022?

Dynavax granted RSUs covering 28,250 shares to five new employees at an exercise price of $11.26.

How does the RSU vesting schedule work for Dynavax employees?

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

What is the significance of Nasdaq Listing Rule 5635(c)(4) in Dynavax's RSU grants?

This rule allows the granting of RSUs as material inducements to employment, ensuring compliance.

What is Dynavax's focus in the biopharmaceutical industry?

Dynavax focuses on developing vaccines for infectious diseases, including its first product, HEPLISAV-B.