||in connection with the merger of millendo therapeutics, inc. ("millendo") and private company tempest therapeutics, inc. ("tempest"), pursuant to the agreement and plan of merger dated march 29, 2021 (the "merger agreement"), which closed on june 25, 2021 ("closing"), each share of tempest's common stock converted into the right to receive approximately 0.0322 shares of millendo common stock. the exchange ratio gives effect to the 15-to-1 reverse stock split of millendo's common stock. on the closing date, the closing price of millendo common stock was $1.06 (unadjusted). upon closing, millendo was renamed "tempest therapeutics, inc."
||these shares are held of record held by quan venture fund i, l.p. ("quan capital"). the general partner of quan capital is quan venture partners i, l.l.c. the reporting person is a manager of quan venture partners i, l.l.c. and shares the ultimate power to vote or dispose of the shares held by quan capital. the reporting person disclaims beneficial ownership of the shares held by quan capital, except to the extent of any pecuniary interest.
||each of quan capital and the reporting person disclaims beneficial ownership of the securities reported herein for purposes of rule 16a-1(a) under the securities exchange act of 1934, as amended (the "exchange act"), except to the extent of its or her pecuniary interest therein, if any. this report on form 4 shall not be deemed an admission the reporting person is a beneficial owner of such securities for the purpose of section 16 of the exchange act, or for any other purpose.
||this amount includes 104,176 shares that were acquired upon conversion of 3,235,294 shares of tempest, which quan capital agreed to purchase at a purchase price of $0.85 per share pursuant to a funding agreement with tempest, which was conditioned upon the satisfaction or waiver of the conditions to closing.