Tempest Therapeutics raises $2.5M in private placement

Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage biotechnology company, announced a private placement deal that could raise up to $7.5 million in total proceeds, according to a company statement.

The offering involves 3,105,591 shares of common stock, or pre-funded warrants in lieu thereof, at a combined purchase price of $0.805 per share. The transaction also includes two series of warrants — series C and series D — each covering up to 3,105,591 shares at an exercise price of $0.805 per share.

The initial gross proceeds are expected to be approximately $2.5 million, before placement agent fees and other expenses. If both warrant series are exercised in full on a cash basis, the company could receive an additional approximately $5 million. The company noted that no assurance can be given that any warrants will be exercised.

Series C warrants will expire six years from the later of the stockholder approval date or the registration effectiveness date. Series D warrants carry a three-year expiration under the same conditions. Both warrant series become exercisable upon stockholder approval of the share issuance.

The offering was expected to close on or about September 14, 2026, subject to customary closing conditions. H.C. Wainwright & Co. is serving as the exclusive placement agent.

Tempest said it intends to use net proceeds for working capital and general corporate purposes. The securities are being offered in a transaction exempt from registration under the Securities Act of 1933, and the company has agreed to file a registration statement covering the resale of the shares issued in the placement.

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