Apellis Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Apellis Pharmaceuticals (Nasdaq: APLS) has announced the approval of equity awards for one new employee, effective October 1, 2024. These awards, granted outside the company's 2017 Stock Incentive Plan but under the 2020 Inducement Stock Incentive Plan, are in compliance with Nasdaq Listing Rule 5635(c)(4). The employee received 4,240 restricted stock units (RSUs). The vesting schedule for these RSUs is as follows:

• 25% of the shares will vest on the first anniversary of the grant date
• An additional 25% will vest annually thereafter

Vesting is subject to the employee's continued employment on each vesting date. These equity awards are considered material to the employee's acceptance of employment with Apellis Pharmaceuticals.

Positive

• Apellis Pharmaceuticals is attracting new talent with equity incentives
• The company is utilizing its 2020 Inducement Stock Incentive Plan to offer competitive compensation packages

Negative

• None.

WALTHAM, Mass., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Apellis Pharmaceuticals, Inc. (Nasdaq: APLS) today announced that the company approved the grant of equity awards to one new employee with a grant date of October 1, 2024, as equity inducement awards outside of the company's 2017 Stock Incentive Plan (but under the terms of the 2020 Inducement Stock Incentive Plan) and material to the employees’ acceptance of employment with the company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received 4,240 restricted stock units (RSUs). Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to each such employee's continued employment on each vesting date.

About Apellis
Apellis Pharmaceuticals, Inc. is a global biopharmaceutical company that combines courageous science and compassion to develop life-changing therapies for some of the most challenging diseases patients face. We ushered in the first new class of complement medicine in 15 years and now have two approved medicines targeting C3. These include the first-ever therapy for geographic atrophy, a leading cause of blindness around the world. We believe we have only begun to unlock the potential of targeting C3 across serious retinal, rare, and neurological diseases. For more information, please visit http://apellis.com or follow us on Twitter and LinkedIn.

Apellis Forward-Looking Statement
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding timing of anticipated regulatory submissions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, as discussed in the “Risk Factors” section of Apellis’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 21, 2023 and the risks described in other filings that Apellis may make with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Apellis specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Contact:
Tracy Vineis
media@apellis.com
617.420.4839

Investor Contact:
Meredith Kaya
meredith.kaya@apellis.com
617.599.8178

FAQ

How many restricted stock units (RSUs) did Apellis Pharmaceuticals (APLS) grant to the new employee?

Apellis Pharmaceuticals (APLS) granted 4,240 restricted stock units (RSUs) to the new employee.

What is the vesting schedule for the RSUs granted by Apellis Pharmaceuticals (APLS) on October 1, 2024?

The RSUs will vest 25% on the first anniversary of the grant date, with an additional 25% vesting annually thereafter, subject to the employee's continued employment on each vesting date.

Under which plan did Apellis Pharmaceuticals (APLS) grant the equity awards announced on October 4, 2024?

The equity awards were granted under the 2020 Inducement Stock Incentive Plan, outside of the company's 2017 Stock Incentive Plan.

What Nasdaq rule did Apellis Pharmaceuticals (APLS) comply with for these equity awards?

Apellis Pharmaceuticals (APLS) complied with Nasdaq Listing Rule 5635(c)(4) for these equity awards.