Shares of Calidi Biotherapeutics (CLDI) fell nearly 31% overnight after the company announced a proposed underwritten public offering of units consisting of shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants. Each share of common stock or pre-funded warrant will be sold with accompanying common warrants to purchase shares of common stock.
The company expects to grant underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock and/or common warrants offered in the public offering at the public offering price, less underwriting discounts and commissions. Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager for the offering.
Calidi intends to use the net proceeds from the offering for working capital and general corporate purposes. The securities are being offered pursuant to a shelf registration statement on Form S-3 declared effective by the SEC on February 7, 2025.
CLDI has traded between $0.72 and $19.20 over the past year. The stock closed Thursday's trading at $0.76, down 3.12%. In overnight trading, it fell a further 31% to $0.52, marking a new 52-week low.
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