Tempest Extends Limited Duration Stockholder Rights Plan
Tempest Therapeutics (Nasdaq: TPST) has announced an extension to its duration stockholder rights plan. The Board of Directors adopted this amendment to extend the plan's duration until the Annual Meeting of Stockholders. The decision comes after significant milestones in the amezalpat program, including positive survival data compared to standard of care and FDA agreement on the Phase 3 path.
The Rights Plan aims to protect stockholders' long-term value and reduce the likelihood of control gain through open market accumulation without appropriate premiums. It will automatically expire after the 2025 Annual Meeting unless approved by stockholders. The plan becomes exercisable if an entity acquires 10% or more of Tempest's outstanding common stock (15% for certain passive institutional investors).
Tempest Therapeutics (Nasdaq: TPST) ha annunciato un'estensione del piano dei diritti degli azionisti. Il Consiglio di Amministrazione ha adottato questa modifica per prolungare la durata del piano fino all'Assemblea Annuale degli Azionisti. Questa decisione arriva dopo significativi traguardi nel programma amezalpat, inclusi dati di sopravvivenza positivi rispetto agli standard di cura e l'accordo della FDA sul percorso di Fase 3.
Il Piano dei Diritti ha lo scopo di proteggere il valore a lungo termine degli azionisti e di ridurre la probabilità di acquisizioni di controllo tramite accumulo nel mercato aperto senza adeguati premi. Scadrà automaticamente dopo l'Assemblea Annuale del 2025, a meno che non venga approvato dagli azionisti. Il piano diventa esercitabile se un'entità acquisisce il 10% o più delle azioni ordinarie in circolazione di Tempest (15% per alcuni investitori istituzionali passivi).
Tempest Therapeutics (Nasdaq: TPST) ha anunciado una extensión de su plan de derechos para accionistas. La Junta Directiva adoptó esta enmienda para extender la duración del plan hasta la Junta Anual de Accionistas. Esta decisión llega tras hitos significativos en el programa amezalpat, incluidos datos de supervivencia positivos en comparación con el estándar de atención y el acuerdo de la FDA sobre la ruta de Fase 3.
El Plan de Derechos tiene como objetivo proteger el valor a largo plazo de los accionistas y reducir la probabilidad de adquisición de control a través de la acumulación en el mercado abierto sin primas adecuadas. Caducará automáticamente después de la Junta Anual de 2025, a menos que sea aprobado por los accionistas. El plan se puede ejecutar si una entidad adquiere el 10% o más de las acciones comunes en circulación de Tempest (15% para ciertos inversores institucionales pasivos).
템페스트 테라퓨틱스(나스닥: TPST)가 주주 권리 계획의 지속 기간을 연장한다고 발표했습니다. 이사회는 이 계획의 지속 기간을 주주 연례 회의까지 연장하기 위한 수정안을 채택했습니다. 이 결정은 아메잘파트 프로그램의 중요한 이정표 이후에 이루어졌으며, 여기에는 표준 치료법과 비교한 긍정적인 생존 데이터와 FDA의 3상 경로에 대한 합의가 포함됩니다.
이 권리 계획은 주주들의 장기 가치를 보호하고 적절한 프리미엄 없이 공개 시장 누적으로 인한 통제권 획득 가능성을 줄이는 것을 목표로 합니다. 이 계획은 2025년 연례 회의 후 자동으로 만료되며, 주주들의 승인 없이는 연장될 수 없습니다. 계획은 해당 기관이 템페스트의 발행된 보통주 10% 이상을 인수한 경우에만 실행 가능해집니다(특정 수동 기관 투자자는 15%).
Tempest Therapeutics (Nasdaq: TPST) a annoncé une prolongation de son plan de droits des actionnaires. Le Conseil d'administration a adopté cet amendement pour prolonger la durée du plan jusqu'à l'Assemblée Générale Annuelle des actionnaires. Cette décision intervient après des étapes importantes dans le programme amezalpat, y compris des données de survie positives par rapport aux soins standards et un accord avec la FDA sur le chemin de la phase 3.
Le Plan de Droits vise à protéger la valeur à long terme des actionnaires et à réduire la probabilité d'acquisition de contrôle par accumulation sur le marché libre sans primes appropriées. Il expirera automatiquement après l'Assemblée Annuelle de 2025, à moins qu'il ne soit approuvé par les actionnaires. Le plan devient exerçable si une entité acquiert 10 % ou plus des actions ordinaires en circulation de Tempest (15 % pour certains investisseurs institutionnels passifs).
Tempest Therapeutics (Nasdaq: TPST) hat eine Verlängerung seines Aktionärsrechteplans angekündigt. Der Vorstand hat diese Änderung angenommen, um die Dauer des Plans bis zur jährlichen Aktionärsversammlung zu verlängern. Diese Entscheidung folgt auf wichtige Meilensteine im amezalpat-Programm, einschließlich positiver Überlebensdaten im Vergleich zu den Standardbehandlungen und der Einigung mit der FDA über den Weg der Phase 3.
Der Rechteplan soll den langfristigen Wert der Aktionäre schützen und die Wahrscheinlichkeit eines Kontrollgewinns durch offene Marktzusammenballung ohne angemessene Prämien reduzieren. Er läuft automatisch nach der jährlichen Hauptversammlung 2025 ab, es sei denn, er wird von den Aktionären genehmigt. Der Plan wird aktiv, wenn ein Unternehmen 10 % oder mehr der ausstehenden Stammaktien von Tempest erwirbt (15 % für bestimmte passive institutionelle Investoren).
- Positive survival data for amezalpat compared to standard of care
- FDA agreement on Phase 3 path for amezalpat program
- Implementation of stockholder rights plan to protect long-term value
- Board believes current stock price undervalues the company
- Potential dilution of shareholder value if rights are exercised
BRISBANE, Calif., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST) (“Tempest” or the “Company”), a clinical-stage biotechnology company developing first-in-classi targeted and immune-mediated therapeutics to fight cancer, today announced that its Board of Directors (the “Board”) has adopted an amendment to its existing limited duration stockholder rights plan (as amended, the “Rights Plan”) to extend the duration of the Rights Plan until the Annual Meeting of Stockholders.
“Given the significant milestones reached this year in the amezalpat program – the positive survival data compared to standard of care and broad agreement with FDA on the Phase 3 path – coupled with the ongoing dislocation in the price of Tempest’s common stock, the Board believes Tempest’s trading price continues to fundamentally undervalue the Company,” said Stephen Brady, president and chief executive officer of Tempest. “The Rights Plan is intended to enable all of our stockholders to realize the long-term value of their investment and should reduce the likelihood that any person or group gains control of Tempest through open market accumulation without paying all stockholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of all stockholders.”
The Board did not adopt the extension to the Rights Plan in response to a specific takeover threat. In addition, the Rights Plan does not prevent the Board from engaging with parties or accepting an acquisition proposal if the Board believes that it is in the best interests of Tempest and all of its stockholders. The Rights Plan is similar to other plans adopted by publicly held companies in comparable circumstances, and does not contain any dead-hand, slow-hand, no-hand or similar feature that limits the ability of a future Board to redeem the rights.
The Rights Plan, as amended, will automatically expire immediately following the Company’s 2025 Annual Meeting of Stockholders, unless, at or prior to such meeting, the Company’s stockholders approve the Rights Plan, and unless the rights are earlier redeemed or exchanged by the Company. The rights will be exercisable only if a person or group (an “acquiring person”) acquires or launches a tender or exchange offer to acquire beneficial ownership (which includes certain synthetic equity interests) of
Additional information regarding the Rights Plan will be contained in a Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission. Additional information regarding the Rights Plan is contained in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission on October 10, 2023, and additional information regarding the Amendment will be contained in an additional Form 8-K filing.
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.
Forward-looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended (the “Securities Act”)) concerning Tempest Therapeutics, Inc. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of Tempest Therapeutics, as well as assumptions made by, and information currently available to, management of Tempest Therapeutics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “could”, “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions. All statements that are not historical facts are forward-looking statements, including any statements regarding the impact of the adoption of the Rights Plan and the Company’s intention to seek stockholder approval of the Rights Plan. Forward-looking statements are based on information available to Tempest Therapeutics as of the date hereof and are not guarantees of future performance. Any factors may cause material differences between current expectations and actual results, including: unexpected safety or efficacy data observed during preclinical or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes in expected or existing competition; changes in the regulatory environment; and unexpected litigation or other disputes. These and other factors that may cause actual results to differ from those expressed or implied are discussed in greater detail in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and other documents filed by the Company from time to time with the Securities and Exchange Commission. Except as required by applicable law, Tempest Therapeutics undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Tempest Therapeutics’ views as of any date subsequent to the date of this press release and should not be relied upon as prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of Tempest Therapeutics.
Investor & Media Contacts:
Sylvia Wheeler
Wheelhouse Life Science Advisors
swheeler@wheelhouselsa.com
Aljanae Reynolds
Wheelhouse Life Science Advisors
areynolds@wheelhouselsa.com
——————————————————
i If approved by the FDA
FAQ
What is the purpose of Tempest Therapeutics' (TPST) extended stockholder rights plan?
When will Tempest Therapeutics' (TPST) extended rights plan expire?
What triggers the exercisability of rights in Tempest Therapeutics' (TPST) plan?
What recent milestones has Tempest Therapeutics (TPST) achieved with its amezalpat program?
