Tempest Therapeutics Raises $2M via $1.73 Warrant Exercise, Potential $4M Upside
TPST•Tempest Therapeutics secured approximately $2 million in gross proceeds by exercising 1,172,414 warrants at a reduced $1.73 per share price. The company issued new unregistered two-year warrants for up to 2,344,828 shares at $1.73, with potential additional $4 million if fully exercised.
1. Warrant Exercise Transaction
Tempest Therapeutics entered a definitive agreement to immediately exercise 1,172,414 outstanding warrants originally priced at $3.50, reducing the exercise price to $1.73 per share. The resulting gross proceeds of approximately $2 million are expected to close on May 29, 2026, subject to customary closing conditions.
2. New Short-Term Warrants and Use of Proceeds
As placement agent, H.C. Wainwright facilitated issuance of unregistered two-year warrants to purchase up to 2,344,828 shares at $1.73 each, exercisable upon stockholder approval. If fully exercised, these warrants could deliver an additional $4 million, with net proceeds earmarked for working capital and general corporate purposes.
