UNITY Biotechnology Reports Granting of New Employment Inducement Awards

Rhea-AI Summary

UNITY Biotechnology, Inc. (UBX) has announced the granting of stock-based awards to four new employees, covering a total of 453,000 shares. This decision was made between January 19 and February 2, 2021, in accordance with the UNITY 2020 Employment Inducement Incentive Plan. The plan was approved by the Board in March 2020 to attract new talent as a material inducement to commence employment. UNITY focuses on developing therapeutics aimed at reversing age-related diseases by targeting senescent cells.

Positive

• Stock-based awards of 453,000 shares granted to attract new talent.
• Initiative aligns with UNITY's strategy to enhance its workforce.

Negative

• Potential dilution of existing shareholders due to issuance of new stock-based awards.

SOUTH SAN FRANCISCO, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt or reverse diseases of aging, today announced that from January 19, 2021 through February 2, 2021, the Board of Directors (the “Board”) granted 4 new employees stock-based awards covering an aggregate of 453,000 shares of UNITY common stock, including options to purchase an aggregate of 453,000 shares of UNITY common stock. The stock-based awards were granted pursuant to the UNITY 2020 Employment Inducement Incentive Plan, as amended, which was approved by the Board in March 2020 to provide for grants to newly hired employees as a material inducement for them to commence employment with UNITY in accordance with Nasdaq Stock Market Rule 5635(c)(4).

About UNITY
UNITY is developing a new class of therapeutics to slow, halt or reverse diseases of aging. UNITY’s current focus is on creating medicines to selectively eliminate or modulate senescent cells and thereby provide transformative benefit in age-related ophthalmologic and neurologic diseases. More information is available at www.unitybiotechnology.com or follow us on Twitter and LinkedIn.

FAQ

What recent stock awards were announced by UNITY Biotechnology (UBX)?

UNITY Biotechnology announced stock-based awards for 453,000 shares granted to four new employees.

When were the stock-based awards granted by UNITY Biotechnology (UBX)?

The stock-based awards were granted between January 19, 2021, and February 2, 2021.

What is the purpose of the stock-based awards granted by UNITY Biotechnology (UBX)?

The awards are intended to serve as a material inducement for newly hired employees.

How does the stock-based award impact shareholders of UNITY Biotechnology (UBX)?

The issuance of new stock-based awards may lead to potential dilution of existing shareholders.