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

Rhea-AI Summary

Spero Therapeutics, Inc. (Nasdaq: SPRO) announced the grant of non-qualified stock options to purchase 98,300 shares of common stock to 7 new employees on August 31, 2021. This was conducted under the 2019 Inducement Equity Incentive Plan, as per Nasdaq's Rule 5635(c)(4). The options have an exercise price of $19.25, the same as the closing price on that date, and will vest over four years. Spero is focused on treatments for multi-drug-resistant infections and rare diseases, with notable candidates like tebipenem HBr for urinary tract infections and SPR720 for rare pulmonary diseases.

Positive

• Grant of 98,300 stock options to attract new talent.
• Stock options priced at $19.25, aligning with market value.
• Four-year vesting period incentivizes employee retention.

Negative

• None.

CAMBRIDGE, Mass., Aug. 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 August 31, 2021, the Compensation Committee of Spero’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 98,300 shares of its common stock to 7 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 $19.25 per share, which is equal to the closing price of Spero’s common stock on The Nasdaq Global Select Market on August 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: 
Ted Jenkins
Vice President, Head of Investor Relations
Tjenkins@sperotherapeutics.com
(617) 798-4039

Media Contact: 
media@sperotherapeutics.com 

FAQ

What stock options were granted by Spero Therapeutics on August 31, 2021?

Spero Therapeutics granted non-qualified stock options to purchase 98,300 shares of common stock to 7 new employees.

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

The exercise price of the stock options is $19.25 per share.

How does the vesting schedule for Spero's stock options work?

The options vest over four years, with 25% vesting after the first year and the remaining shares vesting monthly over the next three years.

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

The plan is exclusively for granting equity awards to new employees as an inducement to join Spero Therapeutics.