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

Rhea-AI Summary

Spero Therapeutics (Nasdaq: SPRO) announced on January 29, 2021, that its Board of Directors granted stock option awards totaling 74,300 shares to six new employees. This grant, made under the 2019 Inducement Equity Incentive Plan, complies with Nasdaq Listing Rule 5635(c)(4). The options, priced at $18.11 per share, will vest over four years. Spero is focused on developing treatments for multi-drug resistant infections and rare diseases, with key products including tebipenem HBr for complicated urinary tract infections and SPR720 for non-tuberculous mycobacterial infections.

Positive

• Granting stock options to new employees may enhance talent acquisition and retention.
• Stock options are offered at the current market price, aligning employee interests with shareholder value.
• Spero's focus on high unmet medical needs positions it well for potential growth.

Negative

• None.

CAMBRIDGE, Mass., Jan. 29, 2021 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company focused on identifying, developing and commercializing treatments in high unmet need areas involving multi-drug resistant bacterial infections and rare diseases, today announced that on January 29, 2021 the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 74,300 shares of its common stock to six new employees under the Spero Therapeutics, Inc. 2019 Inducement Equity Incentive Plan, or the 2019 Inducement Plan. The stock options were granted as inducements material to the new employees becoming employees 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 options have an exercise price of $18.11 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on January 29, 2021. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36-months, subject to each employee’s continued employment with Spero on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Spero Therapeutics
Spero Therapeutics, Inc. is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multi-drug-resistant (MDR) bacterial infections and rare diseases.

Spero’s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is being developed as the first oral carbapenem antibiotic for use in complicated urinary tract infections (cUTI) and acute pyelonephritis (AP).

Spero is also advancing SPR720, its novel oral therapy product candidate being developed for the treatment of rare, orphan pulmonary disease caused by non-tuberculous mycobacterial (NTM) infections.

Spero also has an IV-administered next generation polymyxin product candidate, SPR206, developed from its potentiator platform that is being developed to treat MDR Gram-negative infections in the hospital setting.

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

Spero Investor and Media Contact: 
Sharon Klahre
Vice President, Investor Relations
857-242-1547 
IR@sperotherapeutics.com

FAQ

What stock options were granted by Spero Therapeutics on January 29, 2021?

Spero Therapeutics granted a total of 74,300 stock options to six new employees under the 2019 Inducement Equity Incentive Plan.

What is the exercise price for the stock options granted by SPRO?

The exercise price for the stock options is $18.11 per share, equal to the closing price on January 29, 2021.

How will the stock options granted by Spero Therapeutics vest?

The stock options will vest over four years, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months.

What is Spero Therapeutics known for?

Spero Therapeutics is focused on developing treatments for multi-drug resistant bacterial infections and rare diseases.