Matthew Angel, serving as both Chief Executive Officer and President of Tempest Therapeutics, Inc. (NASDAQ: TPST), has executed a significant acquisition of the company's common stock. The transaction, detailed in a Form 4 filing submitted to the Securities and Exchange Commission on June 23, 2026, took place on March 24, 2026. Angel acquired approximately $500,001 worth of shares through an indirect purchase mechanism.
Angel, who also holds the position of director and maintains a ten percent ownership stake in Tempest Therapeutics, obtained 231,482 shares of common stock at a purchase price of $2.16 per share. The acquisition was facilitated by Factor Bioscience Inc., an entity where Angel serves as the majority stockholder and Chairman of the Board, exercising voting and investment power over the shares held by Factor.
In conjunction with the share acquisition, Factor Bioscience Inc. also secured warrants to purchase a total of 462,964 shares of Tempest Therapeutics common stock. This package included 231,482 Series A Warrants and 231,482 Series B Warrants, both carrying a conversion or exercise price of $2.16 per share. The filing specified that the combined purchase price for one share of common stock and one accompanying warrant was set at $2.16.
The Series A Warrants are contingent upon the approval of the company’s stockholders. They will become exercisable on the effective date of stockholder approval and will maintain a term of five years from that date. Similarly, the Series B Warrants also require stockholder approval to become exercisable, with a term of twenty-four months from the effective date of approval.
These transactions were conducted pursuant to a Securities Purchase Agreement between Tempest Therapeutics, Factor Bioscience, and two institutional investors, dated March 20, 2026. The filing noted that the report was submitted late due to an inadvertent administrative oversight.
The stock has since declined substantially, currently trading at $1.25, near its 52-week low of $1.22. According to InvestingPro analysis, which indicates the stock is undervalued with 12 additional ProTips available to subscribers, the company’s shares have fallen over 80% in the past year while maintaining a market capitalization of $18.66 million.
In other recent news, Tempest Therapeutics, Inc. announced shareholder approval for the issuance of up to 4,196,682 shares of common stock related to outstanding warrants. This decision was made during a special meeting of stockholders. Additionally, the company secured $2 million through the exercise of warrants to purchase 1,172,414 shares of common stock at a reduced price of $1.73 per share.
In a separate development, Tempest Therapeutics disclosed the resignation of three board members, Stephen Brady, Michael Raab, and Christine Pellizzari, with no reported disagreements regarding company operations. The company also appointed Drake Richey and John Yee, MD, MPH, as independent directors to its Board of Directors.
Furthermore, Tempest Therapeutics received a deficiency notice from Nasdaq for not meeting the minimum stockholders’ equity requirement, with reported equity of $822,000 as of March 31, 2026.