Forte Biosciences, Inc. Reports Inducement Grant Under Nasdaq Listing Rules

Rhea-AI Summary

Forte Biosciences, Inc. (NASDAQ: FBRX) issues 25,000 shares of common stock as an equity inducement award to a new non-executive employee, in accordance with NASDAQ Listing Rule 5635(c)(4). The award will vest over four years, subject to continuous employment.

DALLAS--(BUSINESS WIRE)-- Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases today announced the issuance of an equity inducement award as required by the Nasdaq Stock Market Rules.

In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte’s Board of Directors approved the grant of an equity award to purchase 25,000 shares of common stock to a new non-executive employee as a material inducement to such individual’s accepting employment with the Company, with such award vesting over four years, with twenty-five percent vesting on the one-year anniversary of the grant date and the remaining seventy-five percent vesting in equal monthly increments over the succeeding thirty-six months, subject to the individual’s continuous employment through each vesting date.

The Inducement Award was made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements and will have terms and conditions generally consistent with those of Forte’s 2021 Equity Incentive Plan.

About Forte

Forte Biosciences, Inc. is a biopharmaceutical company that is advancing through preclinical trials its product candidate, FB-102, which is a proprietary molecule with potentially broad autoimmune applications in such indications as graft-versus-host disease, vitiligo and alopecia areata.

Source: Forte Biosciences, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231201861558/en/

Forte Biosciences, Inc.

Paul Wagner, CEO

investors@fortebiorx.com

LifeSci Advisors

Mike Moyer, Managing Director

mmoyer@lifesciadvisors.com

Source: Forte Biosciences, Inc.

FAQ

What is the recent announcement from Forte Biosciences, Inc. (NASDAQ: FBRX)?

Forte Biosciences, Inc. (NASDAQ: FBRX) issued an equity inducement award to a new non-executive employee, granting 25,000 shares of common stock.

What is the purpose of the equity inducement award issued by Forte Biosciences, Inc. (NASDAQ: FBRX)?

The award serves as a material inducement to the individual’s acceptance of employment with the company.

How will the equity award vest for the new non-executive employee at Forte Biosciences, Inc. (NASDAQ: FBRX)?

The award will vest over four years, with twenty-five percent vesting on the one-year anniversary and the remaining seventy-five percent vesting in equal monthly increments over the succeeding thirty-six months, subject to continuous employment.

Under which plan was the Inducement Award made by Forte Biosciences, Inc. (NASDAQ: FBRX)?

The Inducement Award was made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements, with terms generally consistent with those of Forte’s 2021 Equity Incentive Plan.