Calidi Biotherapeutics, a biotechnology company focusing on targeted immunotherapies, announced the exercise of warrants for purchasing over 10.6 million shares of its common stock at a reduced price of $0.20. The warrants were initially issued in April 2024 and had terms of 12 months and four months, respectively. The company anticipates approximately $2.1 million in proceeds from the warrant exercise, excluding fees and expenses.
In conjunction with the warrant exercise, Calidi issued new warrants with an exercise price of $0.30 per share, exercisable upon shareholder approval for five and a half years. Additionally, Series B-1 and C-1 warrants were issued, each with an exercise price of $0.20 per share and expiring in five years.
The funds will support Calidi’s clinical and pre-clinical programs, operating expenses, and working capital. Subject to customary conditions, the offering is expected to close by June 3, 2024.
The new warrants and underlying shares are offered in a private placement and have not been registered under relevant regulations. Calidi intends to file a registration statement covering the resale of shares upon warrant exercise, and the offering is not intended for sale or solicitation in any jurisdiction where such actions are prohibited before proper registration or qualification.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
