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

Rhea-AI Summary

Gritstone bio, Inc. (Nasdaq: GRTS) announced the granting of nonqualified stock options to six employees to purchase 147,000 shares of its common stock. The options have an exercise price of $2.26 and will vest over a four-year period, subject to the employees' continued employment.

EMERYVILLE, Calif., Feb. 08, 2024 (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 six employees nonqualified stock options to purchase an aggregate of 147,000 shares of its common stock with an exercise price of $2.26, which is equal to the closing price of Gritstone’s common stock on February 6, 2024, the date of the grant. These stock options are part of an inducement material to 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 bio Contacts
Investors:
George E. MacDougall
Gritstone bio, Inc.
ir@gritstone.com

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

FAQ

How many shares of common stock were granted to employees by Gritstone bio, Inc.?

Gritstone bio, Inc. granted 147,000 shares of its common stock to six employees.

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

The exercise price of the stock options granted by Gritstone bio, Inc. is $2.26.

How long will it take for the stock options to vest?

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.

What is the Nasdaq ticker symbol for Gritstone bio, Inc.?

The Nasdaq ticker symbol for Gritstone bio, Inc. is GRTS.