Tempest Reports Inducement Grants 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 the granting of stock options to two employees. The Compensation Committee of the company's Board of Directors approved nonqualified stock options for the purchase of 79,500 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 each employee's start date, followed by 1/48th of the total shares vesting monthly thereafter. The vesting is subject to continued employment on each vesting date. This announcement is made in accordance with Nasdaq Listing Rule 5635(c)(4), which pertains to inducement grants for new employees.

Positive

• Tempest Therapeutics is attracting and retaining talent through stock option grants
• The company has a structured 2023 Inducement Plan in place for employee compensation

Negative

• None.

BRISBANE, Calif., Sept. 20, 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 two employees nonqualified stock options to purchase an aggregate of 79,500 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 common stock were granted as stock options by Tempest Therapeutics (TPST)?

Tempest Therapeutics (TPST) granted stock options to purchase an aggregate of 79,500 shares of its common stock to two employees.

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

The stock options granted by Tempest Therapeutics (TPST) 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.

Under which plan were the stock options granted by Tempest Therapeutics (TPST)?

The stock options were granted under Tempest Therapeutics' (TPST) 2023 Inducement Plan.

What Nasdaq rule is mentioned in Tempest Therapeutics' (TPST) announcement of inducement grants?

Tempest Therapeutics' (TPST) announcement of inducement grants is made in accordance with Nasdaq Listing Rule 5635(c)(4).