89bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
89bio, Inc. (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focusing on liver and cardiometabolic diseases, has announced an inducement grant approved by its Compensation Committee. The grant includes non-qualified stock options to purchase 15,000 shares of the company's common stock, awarded to one new employee on September 13, 2024.
The grant, made under the company's 2023 Inducement Plan, complies with Nasdaq Listing Rule 5635(c)(4). The exercise price equals the closing price of 89bio's common stock on the grant date. The options will vest over four years, with 25% vesting after one year and the remainder vesting in 12 equal quarterly installments, contingent on continued employment.
Positive
- Attracting new talent with stock options aligns employee interests with company growth
- Compliance with Nasdaq listing rules demonstrates good corporate governance
Negative
- Potential dilution of existing shareholders' equity due to new stock options
News Market Reaction
On the day this news was published, ETNB declined 1.21%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN FRANCISCO, Sept. 19, 2024 (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 15,000 shares of the Company’s common stock to one new employee (the “Inducement Grant”) on September 13, 2024 (the “Grant Date”). The Inducement Grant has been granted pursuant to the Company’s 2023 Inducement Plan (the “Plan”). The Inducement Grant was granted as an inducement material to the individual entering into employment with 89bio in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Grant has an exercise price per share that is equal to the closing price of 89bio’s common stock on the Grant Date. The Inducement Grant 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 in Phase 3 studies for its lead candidate, pegozafermin, 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
FAQ
How many shares of 89bio (ETNB) stock were granted in the inducement grant?
What is the vesting schedule for the 89bio (ETNB) inducement grant?
When was the 89bio (ETNB) inducement grant approved?
What is the exercise price for the 89bio (ETNB) stock options granted?
