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

Rhea-AI Summary

Dynavax Technologies (Nasdaq: DVAX) announced the grant of nonstatutory stock options to purchase 142,000 shares to six new hires. The options, granted on April 1, 2021, have an exercise price of $9.73 per share, equaling the stock's closing price on that date. Each option has a 7-year term and vests over three years, tied to continued employment. This action complies with Nasdaq Listing Rule 5635(c)(4) and is part of Dynavax's 2021 Inducement Award Plan, aimed at attracting talent in the biopharmaceutical sector.

Positive

• Granting stock options may help attract and retain talent within Dynavax, potentially leading to enhanced productivity.
• The issuance of options at the current stock price aligns employee interests with shareholder value.

Negative

• None.

EMERYVILLE, Calif., April 2, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 142,000 shares of Dynavax common stock as inducements to six newly-hired employees in connection with commencement of employment with the Company.

The stock options were granted on April 1, 2021 at an exercise price of $9.73 per share, which is equal to the closing price of Dynavax common stock on the date of grant. Each stock option granted has a 7-year term and vests over three years, with one-third of the shares underlying the option vesting on the one-year anniversary of the grant date, and the remaining shares vesting 1/36 per month in equal installments, subject to continued employment with Dynavax through the applicable vesting dates. The options were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of a stock option agreement covering the grant and Dynavax' 2021 Inducement Award Plan, which was adopted January 9, 2021 and provides for the granting of stock options to new employees.

About Dynavax

Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company's first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. and Europe 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 as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza. For more information, visit www.dynavax.com and follow the company on LinkedIn.

Dynavax Contacts:
Nicole Arndt, Senior Manager, Investor Relations
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 is the stock symbol for Dynavax Technologies?

The stock symbol for Dynavax Technologies is DVAX.

What are the details of the recent stock option grants by Dynavax?

Dynavax granted options to purchase 142,000 shares at an exercise price of $9.73, with a vesting period of three years.

When were the stock options granted by Dynavax Technologies?

The stock options were granted on April 1, 2021.

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

The exercise price of the stock options is $9.73 per share.

What is the purpose of the stock options granted to new employees at Dynavax?

The stock options were granted as a material inducement to employment to attract and retain new talent.