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

Rhea-AI Summary

Spero Therapeutics, Inc. (Nasdaq: SPRO) announced on June 1, 2020, the grant of stock options totaling 29,500 shares to four new employees under its 2019 Inducement Equity Incentive Plan. The options, with an exercise price of $11.82 per share, vest over four years, incentivizing employee retention. This grant aligns with Nasdaq Listing Rule 5635(c)(4), allowing equity awards to non-employees as a recruitment tool. Spero focuses on treating multi-drug resistant infections and rare diseases, advancing key candidates like tebipenem HBr for MDR infections and SPR720 for a rare disease associated with NTM.

Positive

• Grant of 29,500 stock options to new employees under the 2019 Inducement Plan.
• Exercise price set at $11.82 per share, equal to the recent closing price.
• Options vest over four years, promoting long-term employee retention.

Negative

• None.

CAMBRIDGE, Mass., June 01, 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 May 29, 2020, the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 29,500 shares of its common stock to four 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 $11.82 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on May 29, 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 is the significance of the stock option grants by Spero Therapeutics (SPRO)?

The stock option grants incentivize new employees to join and stay with Spero, aligning their interests with company performance.

How many shares were granted in stock options by Spero Therapeutics on May 29, 2020?

Spero Therapeutics granted a total of 29,500 shares in stock options to four new employees.

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

The exercise price of the stock options is $11.82 per share.

What is the vesting schedule for the stock options granted by Spero Therapeutics (SPRO)?

The stock options vest over four years, with 25% vesting after the first year and the rest vesting monthly over the subsequent 36 months.