Tempest Therapeutics (TPST) Exercises Warrants for $6 Million in Gross Proceeds; Shares Fall

On May 29, 2026, Tempest Therapeutics Inc. (TPST) said it exercised outstanding warrants, generating approximately $6 million in potential gross proceeds, sending its shares lower as investors absorbed the dilutive impact. The exercised warrants were tied to a previous financing arrangement. The increase in the number of outstanding shares diluted existing stockholders’ equity, leading to a decline in the stock price during the trading session. Tempest stated it would use the net proceeds for general corporate purposes, which may include research and development, working capital, and other operational needs. Further financial details regarding the warrant exercise were not immediately disclosed. Shares of Tempest remained under pressure following the announcement.