INOVIO Reports Inducement Grant Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ: INO), a biotechnology company specializing in DNA medicines, announced an equity grant under its 2022 Inducement Plan. The grant comprises an option to purchase 1,400 shares of common stock, priced at $8.08 per share, which matches the stock's closing price on June 28, 2024. The grant was approved by INOVIO's Compensation Committee and issued to a newly hired employee as of June 30, 2024. The stock options will vest and become exercisable over four years, contingent on the employee's continued employment. This grant aligns with Nasdaq Listing Rule 5635(c)(4).

Positive

• None.

Negative

• The issuance of an equity grant could dilute existing shareholders' value if exercised.
• The vesting period spans four years, potentially posing a long-term financial commitment.

PLYMOUTH MEETING, Pa., July 1, 2024 /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced that it has made an equity grant to a newly hired employee under its 2022 Inducement Plan (the "Inducement Plan").

The Compensation Committee of INOVIO's Board of Directors has approved the award of an option to purchase an aggregate of 1,400 shares of common stock, with a grant date of June 30, 2024 (the "Grant Date"), to a newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price of $8.08, which is equal to the closing price of INOVIO's common stock on June 28, 2024. The stock option will vest and become exercisable with respect to one-fourth of the shares underlying the stock option on the Grant Date, and an additional one-fourth of the shares underlying the stock option on the first, second, and third anniversaries of the Grant Date. The vesting of the stock option will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. The award is subject to the terms and conditions of a stock option agreement under the Inducement Plan.

About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools. For more information, visit www.inovio.com.

Contacts
Media: Jennie Willson, (267) 429-8567, jennie.willson@inovio.com
Investors: Thomas Hong, (267) 440-4298, thomas.hong@inovio.com

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What did INOVIO announce on July 1, 2024?

INOVIO announced an equity grant under its 2022 Inducement Plan.

How many shares does the INOVIO inducement grant involve?

The inducement grant involves an option to purchase 1,400 shares of INOVIO common stock.

What is the exercise price for the INOVIO stock option grant?

The exercise price for the stock option grant is $8.08 per share.

When is the grant date for INOVIO's equity grant?

The grant date for INOVIO's equity grant is June 30, 2024.

What are the vesting conditions for INOVIO's stock option grant?

The stock options vest over four years, with one-fourth vesting on the grant date and each anniversary, contingent on continued employment.