Tempest Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Tempest Therapeutics (Nasdaq: TPST), a clinical-stage biotechnology company focused on developing targeted and immune-mediated cancer therapeutics, has announced an inducement grant under Nasdaq Listing Rule 5635(c)(4). The company's Compensation Committee granted one employee nonqualified stock options to purchase 60,000 shares of common stock under Tempest's 2023 Inducement Plan.

The stock options have a four-year vesting period, with 25% vesting on the first anniversary of the employee's start date, followed by 1/48th of the total shares vesting monthly thereafter. This vesting schedule is subject to continued employment on each vesting date.

Positive

• Tempest Therapeutics is attracting and retaining talent through stock option grants
• The company has an established 2023 Inducement Plan for employee compensation

Negative

• None.

BRISBANE, Calif., Aug. 23, 2024 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage biotechnology company developing first-in-class¹ targeted and immune-mediated therapeutics to fight cancer, today announced that the Compensation Committee of the Company’s Board of Directors granted one employee nonqualified stock options to purchase an aggregate of 60,000 shares of its common stock under the Company’s 2023 Inducement Plan.

The stock options will vest over a four-year period, with 25% of each of the options vesting on the first anniversary of such employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date.

About Tempest Therapeutics
Tempest Therapeutics is a clinical-stage biotechnology company advancing a diverse portfolio of small molecule product candidates containing tumor-targeted and/or immune-mediated mechanisms with the potential to treat a wide range of tumors. The company’s novel programs range from early research to later-stage investigation in a randomized global study in first-line cancer patients. Tempest is headquartered in Brisbane, California. More information about Tempest can be found on the company’s website at www.tempesttx.com.

Investor & Media Contacts:

Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com

Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com

¹ If approved by the FDA

FAQ

How many shares of Tempest Therapeutics (TPST) stock were granted as options in the recent inducement grant?

Tempest Therapeutics granted nonqualified stock options to purchase 60,000 shares of its common stock to one employee under the company's 2023 Inducement Plan.

What is the vesting schedule for the stock options granted by Tempest Therapeutics (TPST) in August 2023?

The stock options will vest over a four-year period, with 25% vesting on the first anniversary of the employee's start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment.

Under which Nasdaq rule did Tempest Therapeutics (TPST) make the inducement grant in August 2023?

Tempest Therapeutics made the inducement grant under Nasdaq Listing Rule 5635(c)(4).

What type of company is Tempest Therapeutics (TPST)?

Tempest Therapeutics is a clinical-stage biotechnology company developing first-in-class targeted and immune-mediated therapeutics to fight cancer.