BOSTON, Feb. 28, 2024 /PRNewswire/ — Today, Ginkgo Bioworks (NYSE: DNA), which is building the leading platform for cell programming and biosecurity, announced that in connection to its transaction with Patch Biosciences, Inc. (“Patch Bio”) on February 26, 2024, Ginkgo approved grants of restricted stock units with an aggregate grant date fair value of $4,292,000 to eight Patch Bio employees, and in connection with its acquisition of Reverie Labs, Inc. (“Reverie”) on February 23, 2024, Ginkgo approved grants of restricted stock units with an aggregate grant date fair value of $3,530,000 to four Reverie employees. The restricted stock units were granted without stockholder approval as material inducements to the employees entering into employment with Ginkgo pursuant to NYSE Listed Company Manual Section 303A.08 and were approved by the compensation committee of Ginkgo’s board of directors.
Consistent with Ginkgo’s standard vesting schedules, each grant of restricted stock units to former Reverie employees will vest as to 25% of the restricted stock units on the one-year anniversary of the grant date and as to 1/48 of the restricted stock units monthly thereafter, subject to the employee’s continued employment or service to Ginkgo or one of its subsidiaries on the applicable vesting date. Each grant of restricted stock units to former Patch Bio employees will vest either (i) as to 25% of the restricted stock units on the one-year anniversary of the grant date and as to 1/48 of the restricted stock units monthly thereafter, or (ii) for certain employees, as to 100% of the restricted stock units, approximately, nine (9) months from the grant date (and will fully vest on the last day of an employee’s employment, if such employee’s employment is terminated without cause), subject to, in all cases, the employee’s continued employment or service to Ginkgo or one of its subsidiaries on the applicable vesting date.The restricted stock units are subject to the terms of the Ginkgo Bioworks Holdings, Inc. 2022 Inducement Plan and individual award agreements thereunder.
About Ginkgo Bioworks
Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo’s biosecurity and public health unit, Concentric by Ginkgo, is building global infrastructure for biosecurity to empower governments, communities, and public health leaders to prevent, detect and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and concentric by ginkgo, read our blog, or follow us on social media channels such as X (@Ginkgo and @ConcentricByGBW), Instagram (@Ginkgo Bioworks), Threads (@Ginkgo Bioworks) or LinkedIn.
Forward-Looking Statements of Ginkgo Bioworks
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the capabilities and potential success of the acquisitions and Ginkgo’s cell programming platform. These forward-looking statements generally are identified by the words “believe,” “can,” “project,” “potential,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) volatility in the price of Ginkgo’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo’s business, (ii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iii) the risk of downturns in demand for products using synthetic biology, (iv) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (v) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vi) our ability to realize the expected benefits of merger and acquisition transactions, (vii) the outcome of any legal proceedings against Ginkgo, including as a result of recent acquisitions, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, and (x) the product development or commercialization success of our customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 8, 2023 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
GINKGO BIOWORKS INVESTOR CONTACT:[email protected]
GINKGO BIOWORKS MEDIA CONTACT:press@ginkgobioworks.com
SOURCE Ginkgo Bioworks
