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

Rhea-AI Summary

Tempest Therapeutics (Nasdaq: TPST) announced on June 7, 2024, that its Compensation Committee has granted stock options to purchase 14,000 shares to an employee. This grant is under the company's 2023 Inducement Plan and is compliant with Nasdaq Listing Rule 5635(c)(4). The stock options will vest over four years, with 25% vesting after the first year and the remaining shares vesting monthly over the next three years, contingent upon continued employment.

Positive

• Tempest Therapeutics is actively using its 2023 Inducement Plan to attract and retain talent.
• Granting of stock options shows long-term commitment to employee retention.
• The vesting schedule promotes ongoing engagement and loyalty from employees.

Negative

• Issuance of stock options may lead to shareholder dilution.
• The reporting does not include the financial impact or potential costs associated with the stock options.
• Long vesting periods might be considered a risk if the employee does not remain with the company.

BRISBANE, Calif., June 07, 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 14,000 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

What was announced by Tempest Therapeutics on June 7, 2024?

Tempest Therapeutics announced a grant of stock options to purchase 14,000 shares to an employee under the 2023 Inducement Plan.

What is the vesting period for the stock options granted by TPST?

The stock options will vest over four years, with 25% vesting after the first year and the remainder vesting monthly over the next three years.

How many shares were granted as stock options by Tempest Therapeutics?

Tempest Therapeutics granted stock options to purchase 14,000 shares.

What listing rule did Tempest Therapeutics comply with for the stock option grant?

Tempest Therapeutics complied with Nasdaq Listing Rule 5635(c)(4) for the stock option grant.

What is the purpose of the 2023 Inducement Plan by TPST?

The 2023 Inducement Plan aims to attract and retain talent by offering stock options.