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 concentricbyginkgo.com, read our blog, or follow us
on social media channels such as X (@Ginkgo and @ConcentricByGBW),
Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks)
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:
investors@ginkgobioworks.com
GINKGO BIOWORKS MEDIA
CONTACT:
press@ginkgobioworks.com
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SOURCE Ginkgo Bioworks