Rapid Micro Biosystems Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
LOWELL, Mass., May 09, 2023 (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, granted equity awards on May 8, 2023 under the Company’s 2023 Inducement Plan as a material inducement to employment to Michael Wysocki. As previously announced, Mr. Wysocki was appointed by the Company to the position of Senior Vice President, Sales and Marketing, in May 2023. The equity awards were approved by a majority of the independent directors of the Board of Directors and granted by the Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).
Mr. Wysocki received options to purchase 220,000 shares of the Company’s Class A common stock (“Common Stock”) and 110,000 restricted stock units (“RSUs”). The options have an exercise price of $0.83 per share, which is equal to the closing price of Common Stock on May 8, 2023 (the “Grant Date”).
One-fourth of the shares underlying the options will vest and become exercisable on the one-year anniversary of the Grant Date and thereafter 1/48th of the shares underlying the option will vest and become exercisable monthly, such that the shares underlying the option granted to Mr. Wysocki will be fully vested on the fourth anniversary of the Grant Date, subject to Mr. Wysocki's continued employment with the Company on such vesting dates.
One-third of the RSUs will vest yearly on each anniversary of the Grant Date, such that the RSUs granted to Mr. Wysocki will be fully vested on the third anniversary of the Grant Date, subject to Mr. Wysocki’s continued employment with the Company on such vesting date.
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 Twitter at @rapidmicrobio or on LinkedIn.
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