Freeline Reports January 2023 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced the grant of non-statutory options for 81,000 ordinary shares to two newly hired employees on January 31, 2023. This grant, part of Freeline's 2021 Equity Inducement Plan, was approved by an independent subcommittee and serves as an inducement for the employees. Each option has an exercise price of $0.59 per share, reflecting the closing stock price on January 30, 2023, and has a maximum term of 10 years. The options vest over four years, with 25% vesting after the first year and the remainder vesting monthly thereafter.

Positive

• Granting stock options may attract and retain talent, supporting long-term company growth.
• The exercise price of $0.59 aligns with the market value, suggesting a fair incentive for employees.

Negative

• None.

LONDON, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that on January 31, 2023, the Company granted two newly hired employees non-statutory options to purchase an aggregate of 81,000 of the Company’s ordinary shares.

The awards were granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by an independent subcommittee of the remuneration committee of Freeline’s board of directors. The awards were 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 $0.59 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on January 30, 2023, 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 gene therapies. The company is dedicated to improving patient lives through innovative, one-time treatments for chronic debilitating diseases. Freeline uses its proprietary, rationally designed AAV vector and capsid (AAVS3), 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 is advancing clinical programs in Fabry disease and Gaucher disease Type 1. Freeline is headquartered in the UK and has operations in the United States and Germany. For more information about the company, visit www. freeline.life or connect with Freeline on LinkedIn and Twitter.

Media and Investor Contact:

Naomi Aoki
naomi.aoki@freeline.life
Senior Vice President, Head of Investor Relations & Communications
+ 1 617 283 4298

FAQ

What is the significance of Freeline Therapeutics' stock options grant on January 31, 2023?

The grant of 81,000 stock options to new employees aims to attract and retain talent, crucial for the company's growth.

What is the exercise price of Freeline Therapeutics' stock options?

Each option has an exercise price of $0.59 per share, matching the closing price on January 30, 2023.

How long do the stock options granted by Freeline Therapeutics last?

The options have a maximum term of 10 years and vest over a four-year period.

What is Freeline Therapeutics' focus in biotechnology?

Freeline Therapeutics develops gene therapies using adeno-associated virus vectors to treat chronic diseases like Fabry and Gaucher disease.