Calidi Biotherapeutics Shares Plunge After Pricing $2 Million Direct Offering, Private Placement

MT Newswires Live10-24 02:53

Calidi Biotherapeutics (CLDI) shares were down 22% in recent trading on Wednesday after the company said it priced a registered direct offering and concurrent private placement.

The biotechnology company said it agreed to sell to certain institutional investors about 2.1 million common shares at $1 apiece in the direct offering.

The concurrent private placement covers the issue of series E warrants to purchase up to 2.1 million shares and series F warrants to purchase up to 2.1 million shares, Calidi said.

Both series warrants have an exercise price of $1.13 per share and can be exercised six months after issue, according to the company. The series E and series F warrants have a term of one year and five years, respectively.

Calidi expects to raise $2 million in gross proceeds from the offering and private placement and plans to use the proceeds for working capital, general corporate purposes, pre-clinical and clinical trials.

The company said it expects to close the offering on or about Thursday.

Price: 0.88, Change: -0.25, Percent Change: -21.77

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