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.
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