89bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
89bio (Nasdaq: ETNB) announced the approval of inducement grants by its Board's Compensation Committee.
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Rhea-AI Summary
89bio (Nasdaq: ETNB) announced the approval of inducement grants by its Board's Compensation Committee. The grants consist of non-qualified stock options to purchase 163,650 shares of common stock, awarded to seven new employees on January 31, 2025. The exercise price equals the closing price of 89bio's stock on the grant date. These options will vest over four years, with 25% vesting after one year and the remaining portion vesting in 12 equal quarterly installments, contingent on continued employment. The grants were made under the company's 2023 Inducement Plan and align with Nasdaq Listing Rule 5635(c)(4).
Positive
- Stock-based compensation aligns new employee interests with shareholders
- Structured vesting schedule promotes employee retention
Negative
- Potential shareholder dilution from 163,650 new shares
Details
News Market Reaction – ETNB
The recorded move for ETNB in the trading session of this news was -0.17%.
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SAN FRANCISCO, Feb. 06, 2025 (GLOBE NEWSWIRE) -- 89bio, Inc. (the “Company” or “89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 163,650 shares of the Company’s common stock to seven new employees (the “Inducement Grants”) on January 31, 2025 (the “Grant Date”). The Inducement Grants have been granted pursuant to the Company’s 2023 Inducement Plan (the “Plan”). The Inducement Grants were granted as an inducement material to these individuals entering into employment with 89bio in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Grants have an exercise price per share that is equal to the closing price of 89bio’s common stock on the Grant Date. The Inducement Grants will vest over a four-year period, with
About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to the development of best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on rapidly advancing its lead candidate, pegozafermin, through Phase 3 clinical development for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. The company is headquartered in San Francisco. For more information, visit www.89bio.com or follow the company on LinkedIn.
Investor Contact:
Annie Chang
89bio, Inc.
investors@89bio.com
PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com
Media Contact:
Sheryl Seapy
Real Chemistry
sseapy@realchemistry.com
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