Ralph Niven - Apr 2, 2021 Form 4 Insider Report for Aerovate Therapeutics, Inc. (AVTE)

Role
Chief Development Officer
Signature
/s/ George A. Eldridge, Attorney-in-Fact
Stock symbol
AVTE
Transactions as of
Apr 2, 2021
Transactions value $
$0
Form type
4
Date filed
7/1/2021, 06:35 PM
Next filing
Jun 29, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AVTE Stock Option (Right to Buy) Award $0 +16.3K $0.00 16.3K Apr 2, 2021 Common Stock 16.3K $2.14 Direct F1, F2, F3
transaction AVTE Stock Option (Right to Buy) Award $0 +110K $0.00 110K Apr 2, 2021 Common Stock 110K $2.14 Direct F1, F2, F4
transaction AVTE Stock Option (Right to Buy) Award $0 +26.3K $0.00 26.3K Jun 29, 2021 Common Stock 26.3K $14.00 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 22, 2021, the Issuer completed a one-for-3.1060103 reverse stock split of the Issuer's Common Stock (the "Reverse Split"). This amount has been adjusted to give effect to the Reverse Split.
F2 This transaction occurred prior to the Issuer's initial public offering, and is being reported on Form 4 solely for purposes of compliance with Rule 16a-2(a) under the Securities Exchange Act of 1934, as amended. The securities covered by such transaction were previously included on the Reporting Person's Form 3.
F3 This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vested on May 2, 2021.
F4 This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting on July 4, 2021.
F5 This option shall vest and become exercisable in 48 substantially equal monthly installments, with the first installment vesting July 29, 2021.