Freeline Announces June 2022 Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced the grant of non-statutory options to a newly hired employee on June 30, 2022. The options allow for the purchase of 5,500 ordinary shares at an exercise price of $0.88 per share, reflecting the closing price of the company’s American Depositary Shares on June 29, 2022. The options vest over four years and are part of the 2021 Equity Inducement Plan adopted by Freeline’s board. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and was approved by an independent subcommittee of the remuneration committee.

Positive

• The grant of stock options may enhance employee retention and motivation.
• The exercise price of $0.88 per share is based on the market closing price, reflecting fair valuation.

Negative

• None.

LONDON, July 01, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that on June 30, 2022, the Company granted a newly hired employee non-statutory options to purchase 5,500 of the Company’s ordinary shares.

The award was granted as an inducement material to the employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and was approved by an independent subcommittee of the remuneration committee of Freeline’s board of directors. The award was granted pursuant to the terms of Freeline’s 2021 Equity Inducement Plan, which was adopted by Freeline’s board of directors in September 2021.

Each of the options has an exercise price of $0.88 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on June 29, 2022, the last trading day preceding the grant date. The options have a maximum 10-year term and vest over a four-year service period, with 25% of the award vesting on the first anniversary of the vesting commencement date, with the balance vesting monthly over the remaining three years.

About Freeline Therapeutics
Freeline is a clinical-stage biotechnology company developing transformative adeno-associated virus (“AAV”) vector-mediated systemic gene therapies. The Company is dedicated to improving patient lives through innovative, one-time treatments that provide functional cures for inherited systemic debilitating diseases. Freeline uses its proprietary, rationally designed AAV vector, along with novel promoters and transgenes, to deliver a functional copy of a therapeutic gene into human liver cells, thereby expressing a persistent functional level of the missing or dysfunctional protein into the patient’s bloodstream. The Company’s integrated gene therapy platform includes in-house capabilities in research, clinical development, and commercialization. The Company has clinical programs in Hemophilia B, Fabry disease, and Gaucher disease Type 1. Freeline is headquartered in the UK and has operations in Germany and the US.

Media Contact:

Arne Naeveke, PhD
Vice President, Head of Corporate Communications
arne.naeveke@freeline.life
+1 617 312 2521

IR Contact:

investor@freeline.life

FAQ

What was announced by Freeline Therapeutics on June 30, 2022?

Freeline Therapeutics announced the grant of non-statutory options to a newly hired employee to purchase 5,500 ordinary shares.

What is the exercise price of the stock options granted by Freeline Therapeutics?

The exercise price of the options is $0.88 per share.

How long is the vesting period for the stock options granted by Freeline Therapeutics?

The stock options vest over a four-year service period.

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

This rule allows for the grant of stock options as an inducement material to an employee entering employment.