Spero Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Spero Therapeutics, Inc. (Nasdaq: SPRO) announced the grant of 95,000 restricted stock unit awards (RSUs) to four new employees as part of the 2019 Inducement Equity Incentive Plan. This decision, made on March 23, 2023, aims to attract talent and is compliant with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over four annual installments starting April 3, 2024, contingent on the employees' continued employment. Spero Therapeutics focuses on developing treatments for rare diseases and multi-drug resistant infections, with ongoing projects such as SPR720 and tebipenem HBr.
- Granting of RSUs indicates the company's growth and investment in talent acquisition.
- Attracting new employees could enhance Spero's capabilities in addressing rare diseases and MDR infections.
- None.
CAMBRIDGE, Mass., March 31, 2023 (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 rare diseases and multi-drug resistant (MDR) bacterial infections, today announced that on March 23, 2023, the Compensation Committee of Spero’s Board of Directors approved the grant of an aggregate of 95,000 restricted stock unit awards (RSUs) to four new employees under the Spero Therapeutics, Inc. 2019 Inducement Equity Incentive Plan, as amended, or the 2019 Inducement Plan. The RSUs are being 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 RSUs will vest in four equal annual installments beginning on April 3, 2024, subject to the employee's continued employment with Spero on such vesting dates. The RSUs are subject to the terms and conditions of the 2019 Inducement Plan and an RSU agreement covering the grant.
About Spero Therapeutics
Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing novel treatments for bacterial infections, including multi-drug resistant bacterial infections and rare diseases.
- Spero Therapeutics is developing SPR720 as a novel oral therapy candidate for the treatment of a rare, orphan pulmonary disease caused by non-tuberculous mycobacterial infections.
- Tebipenem HBr is an investigational drug in the United States being developed for the treatment of cUTI, including pyelonephritis, caused by certain bacteria, in adult patients who have limited treatment options; tebipenem HBr is not FDA-approved.
- Spero Therapeutics also has an IV-administered next generation polymyxin product candidate, SPR206, developed from its potentiator platform, which is in development to treat multi-drug resistant Gram-negative infections in the hospital setting.
For more information, visit https://sperotherapeutics.com.
Investor Relations Contact:
Ted Jenkins
Vice President, Investor Relations and Strategic Finance
IR@sperotherapeutics.com
(617) 798-4039
Media Inquiries:
Lora Grassilli, Health Media Relations
Zeno Group
lora.grassilli@zenogroup.com
646-932-3735
FAQ
What was announced by Spero Therapeutics on March 31, 2023?
What is the purpose of the restricted stock unit awards granted by Spero Therapeutics?
When will the restricted stock units vest for Spero Therapeutics employees?
What is the 2019 Inducement Equity Incentive Plan of Spero Therapeutics?
What does Spero Therapeutics focus on developing?
