⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Ginkgo Bioworks grants stock units to new hires

EditorNatashya Angelica
Published 02/29/2024, 02:08 AM
© Reuters.
DNA
-

BOSTON - Ginkgo Bioworks (NYSE: DNA), a leader in cell programming and biosecurity, has granted restricted stock units (RSUs) to employees of two recently acquired companies, Patch Biosciences, Inc. and Reverie Labs, Inc., as part of their employment inducement packages.

The grants, which were made in connection with the acquisitions on February 26, 2024, for Patch Bio, and February 23, 2024, for Reverie, are valued at an aggregate of $4,292,000 and $3,530,000, respectively.

The RSUs were awarded to eight Patch Bio employees and four Reverie employees without stockholder approval, leveraging a New York Stock Exchange rule that allows for such inducements. Ginkgo's compensation committee of the board of directors approved these grants under the NYSE Listed Company Manual Section 303A.08.

The RSUs for former employees of Reverie are set to vest at 25% on the one-year anniversary of the grant date, with the remaining units vesting monthly over four years, contingent upon continued employment with Ginkgo or its subsidiaries.

Similarly, Patch Bio employees will see their RSUs vest either on the same schedule as Reverie employees or, for certain employees, 100% approximately nine months from the grant date, provided they remain employed with Ginkgo or its subsidiaries.

These inducement grants are part of Ginkgo Bioworks' strategy to integrate and retain key talent from its acquisitions. The company is known for its horizontal platform that enables cell programming across a variety of markets, including food, agriculture, pharmaceuticals, and industrial chemicals.

Ginkgo's biosecurity unit, Concentric by Ginkgo, focuses on building infrastructure to respond to biological threats globally.

The announcement of these grants is based on a press release statement and comes as Ginkgo Bioworks continues to expand its capabilities and workforce through strategic acquisitions.

The company's forward-looking statements indicate a positive outlook on the potential success of these acquisitions and the development of its cell programming platform, although they are subject to various market risks and uncertainties.

Ginkgo Bioworks' recent financial documents filed with the SEC outline the risks associated with the company's operations and market conditions, emphasizing the importance of considering these factors when evaluating the company's future prospects.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.