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Adicet Bio Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
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Adicet Bio, Inc. (Nasdaq: ACET) has granted an inducement award to a new employee, consisting of 5,000 non-qualified stock options. The exercise price is $1.32 per share, with vesting scheduled over a four-year period. The award was granted outside of Adicet's stockholder-approved equity incentive plans.
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REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)--
Adicet Bio, Inc. (Nasdaq: ACET), a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer, today announced it granted an inducement award on October 31, 2023.
One individual was hired by Adicet in October 2023 and granted new hire non-qualified stock options to purchase 5,000 shares of Adicet’s common stock with an exercise price of $1.32 per share, the closing price of Adicet’s common stock as reported by Nasdaq on October 31, 2023. One-fourth of the shares underlying the employee’s option will vest on the one-year anniversary of the recipient’s start date and thereafter the remaining three-fourths of the shares underlying the employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to the employee will be fully vested on the fourth anniversary of the recipient’s start date, subject to the employee’s continued employment with Adicet on such vesting dates.
The above-described award was granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan (the Inducement Plan), which was adopted by the board of directors in January 2022 and subsequently amended in January 2023. The award was authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employee entering into employment with Adicet in accordance with Nasdaq Listing Rule 5635(c)(4).
About Adicet Bio, Inc.
Adicet Bio, Inc. is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and chimeric antigen adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. For more information, please visit our website at https://www.adicetbio.com.
Adicet Bio, Inc. is a clinical stage biotechnology company.
When was the inducement award granted?
The inducement award was granted on October 31, 2023.
How many shares were included in the inducement award?
The inducement award consisted of 5,000 shares of Adicet's common stock.
What is the exercise price of the stock options?
The exercise price of the stock options is $1.32 per share.
How will the vesting of the stock options occur?
One-fourth of the shares underlying the employee's option will vest on the one-year anniversary of the recipient's start date, and the remaining three-fourths will vest in thirty-six equal monthly installments. The options will be fully vested on the fourth anniversary of the recipient's start date.
Was the award granted under Adicet's equity incentive plans?
No, the award was granted outside of Adicet's stockholder-approved equity incentive plans.
adicet bio, inc. is a privately held, pre-clinical stage biotechnology company engaged in the design and development of cutting-edge immunotherapies with initial focus on cancer. adicet is developing novel universal immune cell therapies based on gamma delta t cells engineered with chimeric antigen receptors (cars) or t cell receptors (tcrs). adicet is also focused on identifying and validating cancer specific targets directed to the intracellular proteome and generating tcr-like mabs (tcrls) directed to these cancer-specific peptide targets presented by mhc class i complexes. these tcrls can be used to arm t cells, as t cell engagers or as antibody drug conjugates (adc). in august 2016, adicet entered a strategic collaboration with regeneron pharmaceuticals, inc. to develop next-generation engineered immune-cell therapeutics using adicet’s gamma delta t cell allogeneic platform technology. adicet bio raised $51m in series a financing led by orbimed partners, orbimed israel, novartis v
