Financing ·
Tempest Therapeutics entered into a purchase agreement with Lincoln Park Capital Fund to sell up to $50.0 million of…
TPSTTempest Therapeutics, Inc.
Tempest Therapeutics entered into a purchase agreement with Lincoln Park Capital Fund to sell up to $50.0 million of common stock over 24 months, starting with an initial $25.0 million commitment. The company issued 560,356 shares as an immediate commitment fee and will issue 350,223 additional shares upon full funding of the initial tranche. Sales are subject to Nasdaq's 19.99% exchange cap unless specific price thresholds or shareholder approval are met. Tempest Therapeutics operates in the biotechnology industry, focusing on drug discovery.