Gritstone bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Gritstone bio, Inc. (Nasdaq: GRTS) announced the grant of nonqualified stock options totaling 33,000 shares to three new employees, with an exercise price of $2.71, matching its closing stock price on February 17, 2023. This grant is part of an inducement for the new hires, in accordance with Nasdaq Listing Rule 5635(c)(4). The options will vest over four years, starting with 25% on the first anniversary of hire, then monthly thereafter, contingent on continued employment. Gritstone bio aims to develop potent vaccines targeting viral diseases and solid tumors.

Positive

• Granting of stock options may attract skilled talent to the company.
• Stock options tied to the company's stock performance can align employee interests with shareholder value.

Negative

• No immediate financial metrics or performance results presented to suggest significant impact.
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EMERYVILLE, Calif., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines, today announced that the Compensation Committee of the company’s Board of Directors granted three employees nonqualified stock options to purchase an aggregate of 33,000 shares of its common stock with an exercise price of $2.71, which is equal to the closing price of Gritstone’s common stock on February 17, 2023, the date of the grant. These stock options are part of an inducement material to each of the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The stock options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.

About Gritstone bio
Gritstone bio, Inc. (Nasdaq: GRTS) is a clinical-stage biotechnology company that aims to develop the world’s most potent vaccines. We leverage our innovative vectors and payloads to train multiple arms of the immune system to attack critical disease targets. Independently and with our collaborators, we are advancing a portfolio of product candidates to treat and prevent viral diseases and solid tumors in pursuit of improving patient outcomes and eliminating disease. www.gritstonebio.com

Gritstone Contacts
Investors:
George E. MacDougall
Director, Investor Relations & Corp Comms
Gritstone bio, Inc.
ir@gritstone.com

Media:
Dan Budwick
1AB
(973) 271-6085
dan@1abmedia.com

FAQ

What stock options did Gritstone bio announce on February 27, 2023?

Gritstone bio announced the grant of nonqualified stock options totaling 33,000 shares with an exercise price of $2.71.

How will the stock options for Gritstone bio employees vest?

The stock options will vest over four years, with 25% vesting on the first anniversary of hire and monthly thereafter.

What is the purpose of the stock options granted by Gritstone bio?

The stock options are an inducement for new hires to join the company, in accordance with Nasdaq rules.

How does Gritstone bio aim to impact vaccine development?

Gritstone bio focuses on developing potent vaccines to treat viral diseases and solid tumors.