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

Rhea-AI Summary

Spero Therapeutics, Inc. (Nasdaq: SPRO) announced on June 30, 2020, the granting of non-qualified stock options for 40,000 shares to five new employees under its 2019 Inducement Equity Incentive Plan. The options, with an exercise price of $13.53 per share, will vest over four years, with 25% vesting after the first year. This incentive is in accordance with Nasdaq Listing Rule 5635(c)(4) and is aimed at attracting talent in the biopharmaceutical sector focused on treating multi-drug resistant bacterial infections and rare diseases.

Positive

• Attracts new talent through stock options, enhancing workforce.
• Options granted align with Nasdaq regulations, supporting corporate governance.

Negative

• None.

CAMBRIDGE, Mass., June 30, 2020 (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 June 30, 2020, the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 40,000 shares of its common stock to five 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 $13.53 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on June 30, 2020. 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
Spero Therapeutics, Inc. is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing and commercializing novel treatments for multidrug-resistant (MDR) bacterial infections and rare diseases.

Spero’s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is designed to be the first oral carbapenem-class antibiotic for use in adults to treat MDR Gram-negative infections.

Spero is also advancing SPR720, its novel oral therapy product candidate designed for the treatment of rare, orphan disease caused by pulmonary 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
Senior Director, Investor Relations
857-242-1547 
IR@sperotherapeutics.com

FAQ

What stock options were granted by Spero Therapeutics on June 30, 2020?

Spero Therapeutics granted non-qualified stock options to purchase an aggregate of 40,000 shares to five new employees.

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

The exercise price is $13.53 per share, equal to the closing price on June 30, 2020.

Under which plan were the stock options granted by Spero Therapeutics?

The options were granted under the 2019 Inducement Equity Incentive Plan.

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

The options will vest over four years, with 25% vesting after the first year.

What is the significance of the stock options granted by Spero Therapeutics?

The stock options serve as an inducement for new employees to join Spero, promoting talent acquisition.