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

Rhea-AI Summary

Spero Therapeutics announced on March 31, 2021, the grant of non-qualified stock options to purchase 22,050 shares of common stock as part of its 2019 Inducement Equity Incentive Plan. These options were awarded to three new employees to incentivize their employment with the company, complying with Nasdaq Listing Rule 5635(c)(4). The exercise price is set at $14.72 per share, equal to the stock's closing price on the same day. The options vest over four years, contingent on the employees' continued service.

Positive

• Granting stock options to new employees can enhance talent acquisition.
• Exercise price of $14.72 aligns with market rates.

Negative

• None.

CAMBRIDGE, Mass., March 31, 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 March 31, 2021 the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 22,050 shares of its common stock to three 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 $14.72 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on March 31, 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). In September 2020, Spero announced positive top-line results from its Phase 3 ADAPT-PO clinical trial of tebipenem HBr in cUTI and AP.

Spero is also developing SPR720 as a novel oral therapy product candidate 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, which is being developed to treat MDR Gram-negative infections in the hospital setting.

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

Investor Relations Contact:
Ashley Robinson
LifeSci Advisors
arr@lifesciadvisors.com
617-430-7577

Media Contact:
media@sperotherapeutics.com

FAQ

What did Spero Therapeutics announce on March 31, 2021 regarding stock options?

Spero Therapeutics announced the grant of non-qualified stock options to purchase 22,050 shares of common stock to three new employees as part of its 2019 Inducement Equity Incentive Plan.

What is the exercise price of the stock options granted by Spero Therapeutics?

The exercise price for the stock options is $14.72 per share.

How long is the vesting period for the stock options awarded by Spero?

The options vest over a four-year period, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months.

What is the purpose of the 2019 Inducement Equity Incentive Plan by Spero Therapeutics?

The 2019 Inducement Equity Incentive Plan is specifically used to grant equity awards to individuals who were not previously employees of Spero as an inducement for their employment.