Calidi Biotherapeutics raises $4.6 million through warrant exercise

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) announced the exercise of outstanding warrants that will generate approximately $4.6 million in gross proceeds for the clinical-stage biotechnology company.

The company entered into a definitive agreement for the immediate exercise of certain Series A, Series B-1, Series C-1, Series D, Series E and Series F warrants to purchase up to 6,595,000 shares of common stock at a reduced exercise price of $0.70 per share. Ladenburg Thalmann & Co, Inc. is serving as the exclusive placement agent for the offering.

In exchange for the immediate cash exercise of the existing warrants, Calidi will issue new unregistered warrants to purchase up to 6,595,000 shares of common stock. The new warrants will have an exercise price of $0.70 per share, become exercisable six months from the issuance date, and have a term of five and half years from the issuance date.

The offering is expected to close on or about July 10, 2025, subject to customary closing conditions. The company stated it intends to use the net proceeds to advance its clinical and pre-clinical programs and for continuing operating expenses and working capital.

The new warrants are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. The warrants and underlying shares have not been registered under the Securities Act. Calidi has agreed to file a registration statement with the SEC covering the resale of shares issuable upon exercise of the new warrants.

Calidi Biotherapeutics develops targeted therapies designed to deliver genetic medicines to disease sites. The company's proprietary Redtail platform focuses on viral vectors that can evade immune detection for systemic delivery in oncology and other indications.

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