Spero Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Spero Therapeutics announced the approval of 227,500 restricted stock unit (RSU) awards to new employees. This grant was made under the company's 2019 Inducement Equity Incentive Plan and approved by the Compensation Committee of Spero's Board of Directors on May 28, 2024. The RSUs are provided as an inducement for new employees to join Spero, in line with Nasdaq Listing Rule 5635(c)(4). These RSUs will vest in four equal annual installments starting on July 1, 2025, contingent upon the employees' continued employment with Spero. The grants are governed by the terms of the 2019 Inducement Plan and respective RSU agreements.

Positive

• Approval of 227,500 RSUs boosts employee morale and retention.
• Grants incentivize new talent acquisition, important for growth.
• Vesting schedule ensures long-term employee commitment.

Negative

• Equity grants may lead to shareholder dilution.

CAMBRIDGE, Mass., July 03, 2024 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company, focused on identifying and developing novel treatments for rare diseases and multi-drug resistant (MDR) bacterial infections, today announced that on May 28, 2024, the Compensation Committee of Spero’s Board of Directors approved the grant of an aggregate of 227,500 restricted stock unit awards (RSUs) to new employees under the Spero Therapeutics, Inc. 2019 Inducement Equity Incentive Plan, as amended (2019 Inducement Plan). The RSUs are being granted as an inducement material to each of the new employees becoming an employee of Spero in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Spero (or following a bona fide period of non-employment), as an inducement material to such individuals entering into employment with Spero, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The RSUs will vest in four equal annual installments beginning on July 1, 2025, subject to the employees‘ continued employment with Spero on such vesting dates. The RSUs are subject to the terms and conditions of the 2019 Inducement Plan and an RSU agreement covering the grant.

About Spero Therapeutics

Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a multi-asset, clinical-stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and MDR bacterial infections.

• Spero Therapeutics is developing its wholly owned lead product candidate, SPR720, as a novel oral, first-line treatment for nontuberculous mycobacterial pulmonary disease (NTM-PD), currently advancing in Phase 2A proof of concept study. NTM-PD is a rare pulmonary disease caused by non-tuberculous mycobacterial infections.
  
  
• Tebipenem HBr is an investigational oral drug advancing in Phase 3 registrational trial for the treatment of complicated urinary tract infection, including pyelonephritis. Spero granted GSK an exclusive license to commercialize tebipenem HBr in all territories, except certain Asian territories.
  
  
• SPR206 is an innovative, investigational IV-administered direct-acting next generation polymyxin that has shown antibiotic activity against MDR Gram-negative pathogens, including carbapenem-resistant Enterobacteriaceae, Acinetobacter baumannii and Pseudomonas aeruginosa in preclinical studies. An Investigational New Drug application has been cleared by the U.S. Food and Drug Administration to advance SPR206 into a Phase 2 clinical trial in participants with hospital-acquired or ventilator-associated bacterial pneumonia.
  

For more information, visit https://sperotherapeutics.com.

Investor Relations Contact:
Shai Biran, PhD                                                                                                                         
Spero Therapeutics
IR@Sperotherapeutics.com

Media Inquiries:
media@sperotherapeutics.com

FAQ

What did Spero Therapeutics announce on July 03, 2024?

Spero Therapeutics announced the approval of 227,500 RSU awards to new employees under the 2019 Inducement Equity Incentive Plan.

What is the purpose of the RSUs granted by Spero Therapeutics?

The RSUs are granted as an inducement for new employees to join Spero, in accordance with Nasdaq Listing Rule 5635(c)(4).

When will the RSUs granted by Spero Therapeutics vest?

The RSUs will vest in four equal annual installments starting on July 1, 2025.

How many RSUs were approved by Spero Therapeutics' Board of Directors?

The Board of Directors approved an aggregate of 227,500 RSUs.

Under which plan were the RSUs granted by Spero Therapeutics?

The RSUs were granted under Spero's 2019 Inducement Equity Incentive Plan.

What date did the Compensation Committee approve the RSU grants for Spero Therapeutics?

The RSU grants were approved on May 28, 2024.