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Calidi Biotherapeutics, Inc., a biotechnology company specializing in biological products, has increased its stock offering capacity under its existing Sales Agreement with Ladenburg Thalmann & Co. Inc. On Monday, the San Diego-based firm raised the maximum aggregate offering amount from $5.1 million to $11.2 million, according to a recent SEC filing.
Previously, Calidi Biotherapeutics had sold approximately $5 million worth of common stock under the Sales Agreement. The company has now filed a prospectus supplement to offer an additional $6.1 million of shares.
This move is part of Calidi Biotherapeutics’ strategy to strengthen its financial position by leveraging the At The Market Offering Agreement established in October 2024. The stock, currently trading at $1.32, has shown significant volatility, posting a remarkable 104.94% return over the past week.
The legal opinion concerning the legality of the newly offered shares has been included in the SEC filing as Exhibit 5.1. Calidi Biotherapeutics, which operates under the trading symbol CLDI on the NYSE American LLC exchange, is categorized as an emerging growth company. This status allows for certain reporting flexibilities under U.S. securities laws.
The expansion of the stock offering capacity comes at a time when the company is potentially seeking to fund ongoing research and development activities or expand its operations. The information regarding this financial maneuver is based on the company’s recent SEC filing.
In other recent news, Calidi Biotherapeutics has made significant changes to its financial landscape. The company recently announced a 1-for-10 reverse stock split, adjusting the number of shares of its common stock without altering the par value. This adjustment was reflected in the refiled consolidated financial statements for the fiscal year ended December 31, 2023. The company emphasized that this refiling was solely for accounting for the reverse stock split and does not change any other information from the 2023 Annual Report.
Furthermore, Calidi Biotherapeutics has disclosed its intention to conduct a public offering of its common stock, with the potential inclusion of pre-funded warrants. The details of the offering, including size and terms, remain undetermined and will be dictated by market conditions. Ladenburg Thalmann & Co. Inc. has been named as the exclusive placement agent for this offering.
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