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

Rhea-AI Summary

On January 24, 2023, Gritstone bio (Nasdaq: GRTS) announced that its Board of Directors granted nonqualified stock options for 28,000 shares to two new employees. The options come with an exercise price of $3.67, matching the closing price of Gritstone's stock on January 9, 2023. These options are part of an inducement to encourage employment with Gritstone, adhering to Nasdaq Listing Rule 5635(c)(4). The options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly, contingent on ongoing employment. Gritstone bio specializes in creating potent vaccines targeting viral diseases and solid tumors.

EMERYVILLE, Calif., Jan. 24, 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 company’s Board of Directors granted two employees nonqualified stock options to purchase an aggregate of 28,000 shares of its common stock with an exercise price of $3.67, which is equal to the closing price of Gritstone’s common stock on January 9, 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 was announced by Gritstone bio on January 24, 2023?

Gritstone bio announced the granting of nonqualified stock options for 28,000 shares to two new employees.

What is the exercise price of the stock options granted by Gritstone bio?

The exercise price of the stock options is $3.67.

How will the stock options granted by Gritstone bio vest?

The options will vest over four years, with 25% vesting on the first anniversary and 1/48th vesting monthly thereafter.

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

The stock options are an inducement for the new employees to join Gritstone.

What does Gritstone bio focus on in its business?

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