07:37 AM EDT, 10/10/2024 (MT Newswires) -- Tempest Therapeutics ( TPST ) said Thursday that its board approved an amendment to extend the company's limited duration stockholder rights plan until the annual shareholder meeting.

The company's trading price continues to "fundamentally undervalue" Tempest Therapeutics ( TPST ) and the stockholder rights plan is put in place to help shareholders realize the long-term value of their stakes, said Tempest Chief Executive Officer Stephen Brady.

Tempest Therapeutics ( TPST ) said the extension is not a response to a specific takeover threat and does not prevent its board from accepting acquisition proposals or engaging with interested parties.

Shares of the company rose more than 34% in recent premarket activity.

Price: 1.81, Change: +0.46, Percent Change: +34.07