Tempest Therapeutics Raises $2M Private Placement with Up to $6M Warrant Proceeds
Tempest Therapeutics raised $2 million upfront through a private placement of 925,927 common stock shares and warrants priced at $2.16 each. The offering includes series A and short-term series B warrants exercisable after stockholder approval, potentially generating an additional $4 million if fully exercised.
1. Placement Overview
Tempest Therapeutics entered definitive agreements for a private placement of 925,927 common shares (or pre-funded warrants) and accompanying warrants at $2.16 per share, raising $2 million upfront before fees.
2. Warrant Structure
Series A warrants and short-term series B warrants allow purchase of up to 925,927 shares at $2.16 per share, exercisable after stockholder approval; series A expire five years later, series B expire in 24 months.
3. Use of Proceeds
Net proceeds will fund working capital and general corporate purposes, while potential exercise of the warrants could provide an additional $4 million in capital to support ongoing CAR-T cell therapy development operations.