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

Rhea-AI Summary

Spero Therapeutics, Inc. (Nasdaq: SPRO) announced on May 28, 2021, the granting of 36,000 non-qualified stock options to seven new employees under the 2019 Inducement Equity Incentive Plan. The exercise price for these options is $14.50 per share, matching Spero's closing stock price on the grant date. Options will vest over four years, with 25% vesting after one year and the remainder monthly thereafter. This plan aims to attract and retain talent critical for developing treatments for multi-drug resistant infections and rare diseases.

Positive

• Awarding 36,000 stock options to attract new employees.
• Stock options priced at $14.50, the same as the market closing price, ensuring competitive compensation.

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• None.

CAMBRIDGE, Mass., May 28, 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 May 28, 2021, the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 36,000 shares of its common stock to seven 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 $14.50 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on May 28, 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 is the recent stock option grant by Spero Therapeutics?

Spero Therapeutics granted 36,000 stock options to new employees on May 28, 2021.

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

The exercise price of the stock options is $14.50 per share.

How do the stock options vest for new employees at SPRO?

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

What is the purpose of the 2019 Inducement Equity Incentive Plan?

The plan is designed to grant equity awards to attract individuals who were not previously employees.