LOWELL, Mass., March 06, 2024 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the "Company"), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that, effective March 4, 2024, the Compensation Committee of the Company's Board of Directors granted non-qualified stock options to purchase 150,000 shares of the Company's Class A common stock ("Common Stock") and 75,000 restricted stock units ("RSUs") to a new employee under the Company's 2023 Inducement Plan, as amended (the "2023 Inducement Plan").
The 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of the Company, as an inducement material to such individual's entering into employment with the Company, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The options have an exercise price of $0.99 per share, which is equal to the closing price of the Common Stock on March 4, 2024 (the "Grant Date"). Twenty-five percent (25%) of the shares of Common Stock underlying the options will vest and become exercisable on the first anniversary of the Grant Date, and 1/48th of the shares of Common Stock underlying the options will vest and become exercisable each month thereafter, in each case, subject to such employee's continued employment on each vesting date. The RSUs will vest annually over a three-year period, with one-third of the RSUs vesting on each anniversary of the Grant Date, subject to such employee's continued employment on each vesting date. The options and RSUs are subject to the terms and conditions of the 2023 Inducement Plan, and the terms and conditions of the stock option and RSU agreements covering the grants.
About Rapid Micro Biosystems
Rapid Micro Biosystems is an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. The Company's flagship Growth Direct system automates and modernizes the antiquated, manual microbial quality control ("MQC") testing workflows used in the largest and most complex pharmaceutical manufacturing operations across the globe. The Growth Direct system brings the quality control lab to the manufacturing floor, unlocking the power of MQC automation to deliver the faster results, greater accuracy, increased operational efficiency, better compliance with data integrity regulations, and quicker decision making that customers rely on to ensure safe and consistent supply of important healthcare products. The Company is headquartered and has U.S. manufacturing in Lowell, Massachusetts, with global locations in Lexington, Massachusetts, Switzerland, Germany, and the Netherlands. For more information, please visit www.rapidmicrobio.com or follow the Company on X (formerly known as Twitter) at @rapidmicrobio or on LinkedIn.
