Calidi Biotherapeutics (NYSE:CLDI) stock is taking a beating on Wednesday following the clinical-stage biotechnology company’s public debut.
Calidi Biotherapeutics is making its public debut after completing a special purpose acquisition company (SPAC) merger with First Light Acquisition Group. This has shares of CLDI stock trading on the New York Stock Exchange alongside the company’s warrants, which use the CLDI WS ticker.
With the SPAC merger complete, Calidi Biotherapeutics gets gross proceeds of $28 million, of which $25 million comes from private capital raise. The remaining is through cash proceeds and a private investment in public equity (PIPE).
To go along with that, Calidi notes transaction expenses and debt repayments of about $13 million. It also mentions a $5 million working capital adjustment for expenses prior to the merger closing. The company says the remaining funds should allow it to continue operations into 2025.
What Is CLDI Stock?
Calidi Biotherapeutics is a clinical-stage biotechnology company focused on developing treatments for cancer. This has it developing first-in-class allogeneic stem cell-based delivery platforms for targeted immunotherapies.
Allan Camaisa, Chairman and CEO of Calidi Biotherapeutics, said the following in a news release:
“Our team has worked diligently to build on decades of research with human stem cells and develop two novel off-the-shelf platforms designed to directly target and attack tumor cells throughout the body, and we are proud of our promising clinical results to-date.”
CLDI stock is down 36.4% as of Wednesday morning.
Investors can find more of the most recent stock market news ready to go down below!
We’re offering up coverage of all the biggest stock market stories worth reading about on Wednesday! A few examples include why shares of Avalo Therapeutics (NASDAQ:AVTX) and Novo Nordisk (NYSE:NVO) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Wednesday Stock Market News
- Why Is Avalo Therapeutics (AVTX) Stock Up 69% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
