Tempest Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 19 2023 - 4:05PM
Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage
oncology company developing first-in-class1 therapeutics that
combine both targeted and immune-mediated mechanisms, today
announced that the Compensation Committee of the company’s Board of
Directors granted one employee a nonqualified stock option to
purchase 12,600 shares of its common stock with an exercise price
equal to the closing price of Tempest’s common stock on May 15,
2023, the grant date of the award. The stock option was granted as
an inducement award material to the individual entering into
employment with Tempest, in accordance with Nasdaq Listing Rule
5635(c)(4).
The stock option will vest over a four-year
period, with 25% of the option 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 on each vesting
date. The option is subject to the terms and conditions of
Tempest’s Amended and Restated 2019 Equity Incentive Plan and the
stock option agreement covering the grant.
About Tempest Therapeutics
Tempest Therapeutics is a clinical-stage
oncology company advancing small molecules that combine both
tumor-targeted and immune-mediated mechanisms with the potential to
treat a wide range of tumors. The company has a diverse portfolio
of novel programs ranging from early research to investigation in a
randomized global study in first-line cancer patients. The
company’s two novel clinical programs, TPST-1120 and TPST-1495,
target PPARα and EP2/EP4, respectively, and are advancing through
trials designed to study the agents as monotherapies and in
combination with approved agents. Tempest is also developing an
orally available inhibitor of TREX1, a target that controls
activation of the cGAS/STING pathway. Tempest is headquartered in
Brisbane, California. More information about Tempest can be found
on the company’s website at www.tempesttx.com.
Investor Contacts:
Sylvia WheelerWheelhouse Life Science
Advisorsswheeler@wheelhouselsa.com
Aljanae Reynolds Wheelhouse Life Science
Advisorsareynolds@wheelhouselsa.com
1 If approved by the FDA
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