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[424B3] Calidi Biotherapeutics, Inc. Prospectus Filed Pursuant to Rule 424(b)(3)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
424B3
Rhea-AI Filing Summary

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) filed Prospectus Supplement No. 1 and an accompanying Current Report covering a warrant inducement transaction dated July 9–10, 2025.

Key terms of the transaction:

  • Immediate exercise: Seven existing investors exercised an aggregate 6,595,000 previously issued Series A, B-1, C-1, D, E and F warrants at $0.70 per share (roughly the July 9 closing price), generating ~$4.6 million gross proceeds before fees.
  • New warrants issued: In exchange, the same investors will receive 6,595,000 unregistered Series H warrants (exercise price $0.70, exercisable after six months, 66-month term).
  • Placement agent fees: Ladenburg Thalmann earns an 8 % cash fee plus a 1 % management fee and legal reimbursements.
  • Use of proceeds: “General corporate purposes.”
  • Share count & price context: 34,520,580 voting shares outstanding (ex-escrow) as of July 9, 2025; share price $0.70.
  • Future obligations: Company will file an S-1 within 15 days to register resale of Series H warrant shares and seek effectiveness within 45/75 days.
  • Financing restrictions: No new share issuances (other than Form S-8) for 15 days and no variable-rate financings for six months post-closing.

The transaction closes on or about July 10, 2025. When combined, the exercised shares (19 % dilution) plus potential Series H shares (another 19 %) could expand the public float by up to 13.19 million shares, or roughly 38 % of current outstanding stock, if fully exercised.

While the cash infusion strengthens near-term liquidity without a steep discount, investors must weigh the material dilution and the issuance of long-dated warrants that could cap upside until absorbed by the market.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) ha depositato il Supplemento al Prospetto n. 1 e un relativo Rapporto Corrente riguardante una transazione di incentivo a warrant datata 9-10 luglio 2025.

Termini chiave della transazione:

  • Esercizio immediato: Sette investitori esistenti hanno esercitato complessivamente 6.595.000 warrant Serie A, B-1, C-1, D, E e F precedentemente emessi al prezzo di $0,70 per azione (circa il prezzo di chiusura del 9 luglio), generando circa 4,6 milioni di dollari di proventi lordi prima delle commissioni.
  • Nuovi warrant emessi: In cambio, gli stessi investitori riceveranno 6.595.000 warrant Serie H non registrati (prezzo di esercizio $0,70, esercitabili dopo sei mesi, durata 66 mesi).
  • Commissioni dell'agente di collocamento: Ladenburg Thalmann riceve un 8% di commissione in contanti più l’1% di commissione di gestione e il rimborso delle spese legali.
  • Utilizzo dei proventi: “Finalità aziendali generali.”
  • Numero di azioni e contesto del prezzo: 34.520.580 azioni con diritto di voto in circolazione (escluso escrow) al 9 luglio 2025; prezzo per azione $0,70.
  • Obblighi futuri: La società presenterà un modulo S-1 entro 15 giorni per registrare la rivendita delle azioni derivanti dai warrant Serie H e cercherà l’efficacia entro 45/75 giorni.
  • Restrizioni sul finanziamento: Nessuna nuova emissione di azioni (eccetto tramite Modulo S-8) per 15 giorni e nessun finanziamento a tasso variabile per sei mesi dopo la chiusura.

La transazione si chiuderà intorno al 10 luglio 2025. Complessivamente, le azioni esercitate (diluizione del 19%) più le potenziali azioni Serie H (altro 19%) potrebbero aumentare il flottante pubblico fino a 13,19 milioni di azioni, ovvero circa il 38% delle azioni attualmente in circolazione, se completamente esercitate.

Nonostante l’infusione di liquidità rafforzi la posizione a breve termine senza uno sconto significativo, gli investitori devono considerare la diluizione rilevante e l’emissione di warrant a lunga scadenza che potrebbero limitare il potenziale rialzo fino a quando non saranno assorbiti dal mercato.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) presentó el Suplemento al Prospecto No. 1 y un Reporte Actual relacionado con una transacción de incentivos de warrants fechada el 9-10 de julio de 2025.

Términos clave de la transacción:

  • Ejercicio inmediato: Siete inversores existentes ejercieron un total de 6.595.000 warrants previamente emitidos de las Series A, B-1, C-1, D, E y F a $0,70 por acción (aproximadamente el precio de cierre del 9 de julio), generando aproximadamente $4,6 millones de ingresos brutos antes de comisiones.
  • Nuevos warrants emitidos: A cambio, los mismos inversores recibirán 6.595.000 warrants Serie H no registrados (precio de ejercicio $0,70, ejercibles después de seis meses, plazo de 66 meses).
  • Comisiones del agente colocador: Ladenburg Thalmann recibirá una comisión en efectivo del 8% más una comisión de gestión del 1% y reembolsos legales.
  • Uso de los ingresos: “Propósitos corporativos generales.”
  • Conteo de acciones y contexto de precio: 34.520.580 acciones con derecho a voto en circulación (excluyendo custodia) al 9 de julio de 2025; precio de acción $0,70.
  • Obligaciones futuras: La compañía presentará un formulario S-1 dentro de 15 días para registrar la reventa de las acciones de los warrants Serie H y buscará la efectividad dentro de 45/75 días.
  • Restricciones de financiamiento: No se emitirán nuevas acciones (excepto bajo el Formulario S-8) durante 15 días y no se realizarán financiamientos con tasa variable durante seis meses después del cierre.

La transacción se cerrará alrededor del 10 de julio de 2025. En conjunto, las acciones ejercidas (dilución del 19%) más las posibles acciones Serie H (otro 19%) podrían aumentar el flotante público hasta en 13,19 millones de acciones, o aproximadamente el 38% de las acciones en circulación actuales, si se ejercen completamente.

Si bien la inyección de efectivo fortalece la liquidez a corto plazo sin un descuento significativo, los inversores deben sopesar la dilución material y la emisión de warrants a largo plazo que podrían limitar el potencial alcista hasta que sean absorbidos por el mercado.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI)는 2025년 7월 9~10일자로 워런트 인센티브 거래에 관한 보충설명서 1호와 관련 현황보고서를 제출했습니다.

거래 주요 조건:

  • 즉시 행사: 기존 투자자 7명이 이전에 발행된 시리즈 A, B-1, C-1, D, E, F 워런트 총 6,595,000주를 주당 $0.70(7월 9일 종가 기준)에 행사하여 수수료 차감 전 약 460만 달러의 총 수익을 창출했습니다.
  • 신규 워런트 발행: 동일 투자자들은 6,595,000주의 미등록 시리즈 H 워런트(행사가 $0.70, 6개월 후 행사 가능, 66개월 만기)를 받게 됩니다.
  • 배치 에이전트 수수료: Ladenburg Thalmann은 현금 8% 수수료와 1% 관리 수수료 및 법률 비용 환급을 받습니다.
  • 수익 사용: “일반 기업 목적.”
  • 주식 수 및 가격 현황: 2025년 7월 9일 기준 에스크로 제외 34,520,580주 의결권 주식; 주가 $0.70.
  • 향후 의무: 회사는 15일 이내에 S-1 서류를 제출하여 시리즈 H 워런트 주식 재판매 등록을 신청하고 45/75일 이내에 효력 발생을 목표로 합니다.
  • 자금 조달 제한: 종결 후 15일간 신규 주식 발행 금지(단, Form S-8 제외), 6개월간 변동금리 자금 조달 금지.

거래 종료일은 2025년 7월 10일경입니다. 행사된 주식(19% 희석)과 잠재적 시리즈 H 주식(추가 19%)을 합하면 최대 1,319만 주, 즉 현재 발행 주식의 약 38%까지 공개 주식수가 늘어날 수 있습니다(전부 행사 시).

현금 유입은 단기 유동성을 강화하지만 큰 할인 없이 이루어지는 반면, 투자자들은 상당한 희석 효과와 장기 워런트 발행으로 인한 상승 잠재력 제한 가능성을 신중히 고려해야 합니다.

Calidi Biotherapeutics, Inc. (NYSE American : CLDI) a déposé le Supplément au Prospectus n° 1 ainsi qu'un Rapport Actuel accompagnant une transaction d'incitation à l'exercice de bons de souscription datée des 9 et 10 juillet 2025.

Principaux termes de la transaction :

  • Exercice immédiat : Sept investisseurs existants ont exercé un total de 6 595 000 bons de souscription des séries A, B-1, C-1, D, E et F précédemment émis, au prix de 0,70 $ par action (environ le cours de clôture du 9 juillet), générant environ 4,6 millions de dollars de produit brut avant frais.
  • Nouveaux bons émis : En échange, ces mêmes investisseurs recevront 6 595 000 bons de souscription série H non enregistrés (prix d'exercice 0,70 $, exerçables après six mois, durée de 66 mois).
  • Frais de l'agent placeur : Ladenburg Thalmann perçoit une commission en espèces de 8 % ainsi qu'une commission de gestion de 1 % et le remboursement des frais juridiques.
  • Utilisation des fonds : « Objectifs généraux de l'entreprise. »
  • Nombre d'actions & contexte du prix : 34 520 580 actions avec droit de vote en circulation (hors séquestre) au 9 juillet 2025 ; prix de l'action 0,70 $.
  • Obligations futures : La société déposera un formulaire S-1 dans les 15 jours pour enregistrer la revente des actions des bons série H et cherchera à obtenir l'efficacité dans un délai de 45/75 jours.
  • Restrictions de financement : Aucune nouvelle émission d'actions (autre que sous le formulaire S-8) pendant 15 jours et aucun financement à taux variable pendant six mois après la clôture.

La transaction devrait se clôturer aux alentours du 10 juillet 2025. Combinées, les actions exercées (dilution de 19 %) plus les actions potentielles des bons série H (encore 19 %) pourraient augmenter le flottant public jusqu'à 13,19 millions d'actions, soit environ 38 % des actions en circulation actuelles, si elles sont entièrement exercées.

Bien que l'apport de liquidités renforce la trésorerie à court terme sans décote importante, les investisseurs doivent prendre en compte la dilution significative et l'émission de bons à long terme qui pourraient limiter le potentiel de hausse jusqu'à absorption par le marché.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) hat Prospektergänzung Nr. 1 und einen begleitenden aktuellen Bericht zu einer Warrant-Anreiztransaktion vom 9.–10. Juli 2025 eingereicht.

Wesentliche Bedingungen der Transaktion:

  • Sofortige Ausübung: Sieben bestehende Investoren übten insgesamt 6.595.000 zuvor ausgegebene Series A, B-1, C-1, D, E und F Warrants zum Ausübungspreis von $0,70 pro Aktie (ungefähr dem Schlusskurs vom 9. Juli) aus und generierten damit ca. 4,6 Millionen US-Dollar Bruttoerlös vor Gebühren.
  • Neu ausgegebene Warrants: Im Gegenzug erhalten dieselben Investoren 6.595.000 nicht registrierte Series H Warrants (Ausübungspreis $0,70, ausübbar nach sechs Monaten, Laufzeit 66 Monate).
  • Platzierungsgebühren: Ladenburg Thalmann erhält eine 8% Barauszahlungsgebühr sowie eine 1% Managementgebühr und Erstattung der Rechtskosten.
  • Verwendung der Erlöse: „Allgemeine Unternehmenszwecke.“
  • Aktienzahl & Preiskontext: 34.520.580 stimmberechtigte Aktien ausstehend (ohne Treuhand) zum 9. Juli 2025; Aktienkurs $0,70.
  • Zukünftige Verpflichtungen: Das Unternehmen wird innerhalb von 15 Tagen ein Formular S-1 einreichen, um den Wiederverkauf der Series H Warrant-Aktien zu registrieren, und strebt eine Wirksamkeit innerhalb von 45/75 Tagen an.
  • Finanzierungsbeschränkungen: Keine neuen Aktienemissionen (außer Form S-8) für 15 Tage und keine variabel verzinsten Finanzierungen für sechs Monate nach Abschluss.

Der Abschluss der Transaktion erfolgt etwa am 10. Juli 2025. Zusammen könnten die ausgeübten Aktien (19% Verwässerung) plus potenzielle Series H Aktien (weitere 19%) den Streubesitz um bis zu 13,19 Millionen Aktien erhöhen, was etwa 38% des aktuellen ausstehenden Aktienbestands entspricht, falls vollständig ausgeübt.

Während die Kapitalspritze die kurzfristige Liquidität ohne starken Abschlag stärkt, müssen Investoren die wesentliche Verwässerung und die Ausgabe langfristiger Warrants bedenken, die das Aufwärtspotenzial begrenzen könnten, bis sie vom Markt absorbiert sind.

Positive
  • $4.6 million in immediate gross proceeds enhances near-term liquidity without increasing debt.
  • Company avoids variable-rate financing for six months, reducing near-term dilution risk.
  • Exercise price set at market level ($0.70), limiting discount leakage to existing shareholders.
Negative
  • Potential issuance of 13.19 million shares (38 % expansion) is materially dilutive.
  • Company granted long-dated Series H warrants, extending future overhang for 5½ years.
  • Placement agent and related fees total ~9 %, lowering net proceeds.
  • Reduced exercise price signals limited investor demand at prior strike levels.

Insights

TL;DR: Raises $4.6 m cash but adds up to 38 % dilution; neutral overall.

The inducement unlocks immediate capital at the market price, extending runway without resorting to deeply discounted PIPEs. However, the company had to sweeten the deal with an equal number of five-year Series H warrants, meaning the dilution is merely deferred, not avoided. At $0.70, the warrants sit at-the-money, so upside participation will likely pressure the share price near term. The 9 % total fee load is typical for micro-cap deals but still erodes net proceeds. Restrictions on additional financings and registrations reduce overhang risk for 15 days and variable-rate dilution for six months, a modest positive. Net impact: cash stability offsets dilution risk—rating 0 (neutral).

TL;DR: Cash in-door quickly; warrants maintain investor optionality; modestly dilutive, strategically necessary.

Management monetised idle in-the-money warrants to capture $4.6 million, a pragmatic move given biotech burn rates. Because the exercise price matches market, value transfer to holders is limited; downside is the fresh Series H warrants, which duplicate the shares just issued. The 66-month term provides ample time for holders to re-exercise, effectively embedding a callable equity line at $0.70. Debt-free financing and a six-month variable-rate blackout support balance-sheet health, but future EPS and voting dilution could be meaningful if pipeline catalysts stall. I view the step as operationally sensible yet equity-dilutive—overall neutral impact.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) ha depositato il Supplemento al Prospetto n. 1 e un relativo Rapporto Corrente riguardante una transazione di incentivo a warrant datata 9-10 luglio 2025.

Termini chiave della transazione:

  • Esercizio immediato: Sette investitori esistenti hanno esercitato complessivamente 6.595.000 warrant Serie A, B-1, C-1, D, E e F precedentemente emessi al prezzo di $0,70 per azione (circa il prezzo di chiusura del 9 luglio), generando circa 4,6 milioni di dollari di proventi lordi prima delle commissioni.
  • Nuovi warrant emessi: In cambio, gli stessi investitori riceveranno 6.595.000 warrant Serie H non registrati (prezzo di esercizio $0,70, esercitabili dopo sei mesi, durata 66 mesi).
  • Commissioni dell'agente di collocamento: Ladenburg Thalmann riceve un 8% di commissione in contanti più l’1% di commissione di gestione e il rimborso delle spese legali.
  • Utilizzo dei proventi: “Finalità aziendali generali.”
  • Numero di azioni e contesto del prezzo: 34.520.580 azioni con diritto di voto in circolazione (escluso escrow) al 9 luglio 2025; prezzo per azione $0,70.
  • Obblighi futuri: La società presenterà un modulo S-1 entro 15 giorni per registrare la rivendita delle azioni derivanti dai warrant Serie H e cercherà l’efficacia entro 45/75 giorni.
  • Restrizioni sul finanziamento: Nessuna nuova emissione di azioni (eccetto tramite Modulo S-8) per 15 giorni e nessun finanziamento a tasso variabile per sei mesi dopo la chiusura.

La transazione si chiuderà intorno al 10 luglio 2025. Complessivamente, le azioni esercitate (diluizione del 19%) più le potenziali azioni Serie H (altro 19%) potrebbero aumentare il flottante pubblico fino a 13,19 milioni di azioni, ovvero circa il 38% delle azioni attualmente in circolazione, se completamente esercitate.

Nonostante l’infusione di liquidità rafforzi la posizione a breve termine senza uno sconto significativo, gli investitori devono considerare la diluizione rilevante e l’emissione di warrant a lunga scadenza che potrebbero limitare il potenziale rialzo fino a quando non saranno assorbiti dal mercato.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) presentó el Suplemento al Prospecto No. 1 y un Reporte Actual relacionado con una transacción de incentivos de warrants fechada el 9-10 de julio de 2025.

Términos clave de la transacción:

  • Ejercicio inmediato: Siete inversores existentes ejercieron un total de 6.595.000 warrants previamente emitidos de las Series A, B-1, C-1, D, E y F a $0,70 por acción (aproximadamente el precio de cierre del 9 de julio), generando aproximadamente $4,6 millones de ingresos brutos antes de comisiones.
  • Nuevos warrants emitidos: A cambio, los mismos inversores recibirán 6.595.000 warrants Serie H no registrados (precio de ejercicio $0,70, ejercibles después de seis meses, plazo de 66 meses).
  • Comisiones del agente colocador: Ladenburg Thalmann recibirá una comisión en efectivo del 8% más una comisión de gestión del 1% y reembolsos legales.
  • Uso de los ingresos: “Propósitos corporativos generales.”
  • Conteo de acciones y contexto de precio: 34.520.580 acciones con derecho a voto en circulación (excluyendo custodia) al 9 de julio de 2025; precio de acción $0,70.
  • Obligaciones futuras: La compañía presentará un formulario S-1 dentro de 15 días para registrar la reventa de las acciones de los warrants Serie H y buscará la efectividad dentro de 45/75 días.
  • Restricciones de financiamiento: No se emitirán nuevas acciones (excepto bajo el Formulario S-8) durante 15 días y no se realizarán financiamientos con tasa variable durante seis meses después del cierre.

La transacción se cerrará alrededor del 10 de julio de 2025. En conjunto, las acciones ejercidas (dilución del 19%) más las posibles acciones Serie H (otro 19%) podrían aumentar el flotante público hasta en 13,19 millones de acciones, o aproximadamente el 38% de las acciones en circulación actuales, si se ejercen completamente.

Si bien la inyección de efectivo fortalece la liquidez a corto plazo sin un descuento significativo, los inversores deben sopesar la dilución material y la emisión de warrants a largo plazo que podrían limitar el potencial alcista hasta que sean absorbidos por el mercado.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI)는 2025년 7월 9~10일자로 워런트 인센티브 거래에 관한 보충설명서 1호와 관련 현황보고서를 제출했습니다.

거래 주요 조건:

  • 즉시 행사: 기존 투자자 7명이 이전에 발행된 시리즈 A, B-1, C-1, D, E, F 워런트 총 6,595,000주를 주당 $0.70(7월 9일 종가 기준)에 행사하여 수수료 차감 전 약 460만 달러의 총 수익을 창출했습니다.
  • 신규 워런트 발행: 동일 투자자들은 6,595,000주의 미등록 시리즈 H 워런트(행사가 $0.70, 6개월 후 행사 가능, 66개월 만기)를 받게 됩니다.
  • 배치 에이전트 수수료: Ladenburg Thalmann은 현금 8% 수수료와 1% 관리 수수료 및 법률 비용 환급을 받습니다.
  • 수익 사용: “일반 기업 목적.”
  • 주식 수 및 가격 현황: 2025년 7월 9일 기준 에스크로 제외 34,520,580주 의결권 주식; 주가 $0.70.
  • 향후 의무: 회사는 15일 이내에 S-1 서류를 제출하여 시리즈 H 워런트 주식 재판매 등록을 신청하고 45/75일 이내에 효력 발생을 목표로 합니다.
  • 자금 조달 제한: 종결 후 15일간 신규 주식 발행 금지(단, Form S-8 제외), 6개월간 변동금리 자금 조달 금지.

거래 종료일은 2025년 7월 10일경입니다. 행사된 주식(19% 희석)과 잠재적 시리즈 H 주식(추가 19%)을 합하면 최대 1,319만 주, 즉 현재 발행 주식의 약 38%까지 공개 주식수가 늘어날 수 있습니다(전부 행사 시).

현금 유입은 단기 유동성을 강화하지만 큰 할인 없이 이루어지는 반면, 투자자들은 상당한 희석 효과와 장기 워런트 발행으로 인한 상승 잠재력 제한 가능성을 신중히 고려해야 합니다.

Calidi Biotherapeutics, Inc. (NYSE American : CLDI) a déposé le Supplément au Prospectus n° 1 ainsi qu'un Rapport Actuel accompagnant une transaction d'incitation à l'exercice de bons de souscription datée des 9 et 10 juillet 2025.

Principaux termes de la transaction :

  • Exercice immédiat : Sept investisseurs existants ont exercé un total de 6 595 000 bons de souscription des séries A, B-1, C-1, D, E et F précédemment émis, au prix de 0,70 $ par action (environ le cours de clôture du 9 juillet), générant environ 4,6 millions de dollars de produit brut avant frais.
  • Nouveaux bons émis : En échange, ces mêmes investisseurs recevront 6 595 000 bons de souscription série H non enregistrés (prix d'exercice 0,70 $, exerçables après six mois, durée de 66 mois).
  • Frais de l'agent placeur : Ladenburg Thalmann perçoit une commission en espèces de 8 % ainsi qu'une commission de gestion de 1 % et le remboursement des frais juridiques.
  • Utilisation des fonds : « Objectifs généraux de l'entreprise. »
  • Nombre d'actions & contexte du prix : 34 520 580 actions avec droit de vote en circulation (hors séquestre) au 9 juillet 2025 ; prix de l'action 0,70 $.
  • Obligations futures : La société déposera un formulaire S-1 dans les 15 jours pour enregistrer la revente des actions des bons série H et cherchera à obtenir l'efficacité dans un délai de 45/75 jours.
  • Restrictions de financement : Aucune nouvelle émission d'actions (autre que sous le formulaire S-8) pendant 15 jours et aucun financement à taux variable pendant six mois après la clôture.

La transaction devrait se clôturer aux alentours du 10 juillet 2025. Combinées, les actions exercées (dilution de 19 %) plus les actions potentielles des bons série H (encore 19 %) pourraient augmenter le flottant public jusqu'à 13,19 millions d'actions, soit environ 38 % des actions en circulation actuelles, si elles sont entièrement exercées.

Bien que l'apport de liquidités renforce la trésorerie à court terme sans décote importante, les investisseurs doivent prendre en compte la dilution significative et l'émission de bons à long terme qui pourraient limiter le potentiel de hausse jusqu'à absorption par le marché.

Calidi Biotherapeutics, Inc. (NYSE American: CLDI) hat Prospektergänzung Nr. 1 und einen begleitenden aktuellen Bericht zu einer Warrant-Anreiztransaktion vom 9.–10. Juli 2025 eingereicht.

Wesentliche Bedingungen der Transaktion:

  • Sofortige Ausübung: Sieben bestehende Investoren übten insgesamt 6.595.000 zuvor ausgegebene Series A, B-1, C-1, D, E und F Warrants zum Ausübungspreis von $0,70 pro Aktie (ungefähr dem Schlusskurs vom 9. Juli) aus und generierten damit ca. 4,6 Millionen US-Dollar Bruttoerlös vor Gebühren.
  • Neu ausgegebene Warrants: Im Gegenzug erhalten dieselben Investoren 6.595.000 nicht registrierte Series H Warrants (Ausübungspreis $0,70, ausübbar nach sechs Monaten, Laufzeit 66 Monate).
  • Platzierungsgebühren: Ladenburg Thalmann erhält eine 8% Barauszahlungsgebühr sowie eine 1% Managementgebühr und Erstattung der Rechtskosten.
  • Verwendung der Erlöse: „Allgemeine Unternehmenszwecke.“
  • Aktienzahl & Preiskontext: 34.520.580 stimmberechtigte Aktien ausstehend (ohne Treuhand) zum 9. Juli 2025; Aktienkurs $0,70.
  • Zukünftige Verpflichtungen: Das Unternehmen wird innerhalb von 15 Tagen ein Formular S-1 einreichen, um den Wiederverkauf der Series H Warrant-Aktien zu registrieren, und strebt eine Wirksamkeit innerhalb von 45/75 Tagen an.
  • Finanzierungsbeschränkungen: Keine neuen Aktienemissionen (außer Form S-8) für 15 Tage und keine variabel verzinsten Finanzierungen für sechs Monate nach Abschluss.

Der Abschluss der Transaktion erfolgt etwa am 10. Juli 2025. Zusammen könnten die ausgeübten Aktien (19% Verwässerung) plus potenzielle Series H Aktien (weitere 19%) den Streubesitz um bis zu 13,19 Millionen Aktien erhöhen, was etwa 38% des aktuellen ausstehenden Aktienbestands entspricht, falls vollständig ausgeübt.

Während die Kapitalspritze die kurzfristige Liquidität ohne starken Abschlag stärkt, müssen Investoren die wesentliche Verwässerung und die Ausgabe langfristiger Warrants bedenken, die das Aufwärtspotenzial begrenzen könnten, bis sie vom Markt absorbiert sind.

 

PROSPECTUS SUPPLEMENT NO. 3 Filed Pursuant to Rule 424(b)(3)
(To Prospectus Dated April 15, 2024) Registration No. 333-276741

 

 

Up to 13,232,500 Common Stock Units

Each Common Stock Unit Consisting of One Share of Common Stock

One Series A Warrant to Purchase One Share of Common Stock

One Series B Warrant to Purchase One Series B Unit

Each Series B Unit Consisting of One Share of Common Stock

One Series B-1 Warrant to Purchase One Share of Common Stock

One Series C Warrant to Purchase One Series C Unit

Each Series C Unit Consisting of One Share of Common Stock

One Series C-1 Warrant to Purchase One Share of Common Stock

 

Up to 66,162,500 Shares of Common Stock Underlying the Series A Warrants, Series B Warrants, Series B-1 Warrants, Series C Warrants and Series C-1 Warrants

 

and

 

Up to 1,965,000 PFW Units

Each PFW Unit Consisting of One Pre-Funded Warrant to Purchase One Share of Common Stock

One Series A Warrant to Purchase One Share of Common Stock

One Series B Warrant to Purchase One Series B Unit

Each Series B Unit Consisting of One Share of Common Stock

One Series B-1 Warrant to Purchase One Share of Common Stock

One Series C Warrant to Purchase One Series C Unit

Each Series C Unit Consisting of One Share of Common Stock

One Series C-1 Warrant to Purchase One Share of Common Stock

 

Up to 11,790,000 Shares of Common Stock Underlying the Pre-Funded Warrants, Series A Warrants, Series B Warrants, Series B-1 Warrants, Series C Warrants and Series C-1 Warrants

and

759,875 Placement Agent Warrants to purchase up to 759,875 Shares of Common Stock

759,875 Shares of Common Stock Issuable Upon Exercise of Placement Agent Warrants

 

This prospectus supplement updates, amends and supplements the prospectus dated April 15, 2024 (the “Prospectus”), which forms a part of our Registration Statement on Form S-1 (Registration No. 333-276741). This prospectus supplement is being filed to update, amend, and supplement the information included in the Prospectus with the information contained in our Current Report on Form 8-K filed with the SEC on July 10, 2025, (the “Form 8-K”). Accordingly, the Form 8-K is set forth below. Capitalized terms used in this prospectus supplement and not otherwise defined herein shall have the meanings specified in the Prospectus.

 

This prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read together with the Prospectus, which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the Prospectus. If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

 

As of July 9, 2025, there were 34,520,580 shares of common stock outstanding. (excluding 1,800,000 non-voting common stock held in escrow). Our common stock is listed on the NYSE American under the symbol “CLDI”. On July 9, 2025, the closing price of our common stock was $0.70 per share.

 

Investing in shares of our common stock involves risks that are described in the “Risk Factors” section beginning on page 18 of the Prospectus and under similar headings in any amendments or supplements to the Prospectus.

 

Neither the SEC nor any state securities commission has approved or disapproved of the securities to be issued under the Prospectus or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

 

The date of this prospectus supplement is July 10, 2025.

 

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 9, 2025

 

Calidi Biotherapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40789   86-2967193

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

4475 Executive Dr., Suite 200,

San Diego, CA

  92121
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (858) 794-9600

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Title of each class   Trading Symbol   Name of each exchange on which registered
         
Common stock, par value $0.0001 per share   CLDI   NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On July 9, 2025, Calidi Biotherapeutics, Inc., (“we,” “our,” or the “Company”) entered into an inducement offer letter agreement (the “Inducement Letter”) with 7 holders (each, a “Holder”) of our existing Series A warrants (“Series A Warrants”), Series B-1 warrants (“Series B-1 Warrants”), Series C-1 warrants (“Series C-1 Warrants”), Series D warrants, (“Series D Warrants”), Series E warrants (“Series E Warrants”), and Series F warrants (“Series F Warrants” and together with the Series A Warrants, Series B-1 Warrants, Series C-1 Warrants, Series D Warrants, and Series E Warrants, the “Existing Warrants”), which each of the Series A Warrants, the Series B-1 Warrants and the Series C-1 Warrants were issued pursuant to that certain Securities Purchase Agreement, dated April 16, 2024, the Series D Warrants were issued pursuant to that certain Letter Agreement dated May 31, 2024, and the Series E Warrants and Series F Warrants were issued pursuant to that certain Securities Purchase Agreement dated October 23, 2024. Pursuant to the Inducement Letter, such warrant holders immediately exercised some or all of their respective outstanding Series A Warrants, Series B-1 Warrants, Series C-1 Warrants, Series D Warrants, Series E Warrants, and Series F Warrants to purchase up to an aggregate of 6,595,000 shares of common stock, at a reduced exercise price of $0.70. The gross proceeds to the Company from the exercise of the Existing Warrants are expected to be approximately $4.6 million, prior to deducting placement agent fees and estimated offering expenses.

 

In consideration for the immediate exercise of some or all of the Existing Warrants for cash, the Company agreed to issue unregistered new Series H common stock purchase warrants (“New Series H Warrants”) to purchase up to 6,595,000 shares of common stock. The New Series H Warrants will have an exercise price of $0.70 per share, will be initially exercisable on the 6 month anniversary of the issuance date and will have a term of 66 months from the issuance date.

 

We engaged Ladenburg Thalmann & Co, Inc. (“Ladenburg”) as the placement agent in connection with the transactions summarized above and we have agreed to pay Ladenburg a fee equal to 8.0% of the aggregate gross proceeds received from the holder’s exercise of their Existing Warrants. In addition, we have also agreed to reimburse Ladenburg for its accountable legal expenses in connection with the exercise of the Existing Warrants and the issuance of the New Series H Warrants and pay Ladenburg a management fee of 1% of the aggregate gross proceeds received from the holder’s exercise of their Existing Warrants. The closing of the transactions described above is expected to occur on July 10, 2025 (the “Closing Date”), subject to satisfaction of customary closing conditions. We expect to use the net proceeds from these transactions for general corporate purposes.

 

The shares of our common stock underlying the Series A Warrants, Series B-1 Warrants, and the Series C-1 Warrants have been registered pursuant to an existing registration statement on Form S-1, as amended (File No.: 333-276741) declared effective by the Securities and Exchange Commission (the “SEC”) on April 15, 2024. The shares of our common stock underlying the Series D Warrants, Series E Warrants and Series F Warrants have been registered pursuant to an existing registration statement on Form S-1, as amended (File No.: 333-283741) declared effective by the SEC on December 27, 2024.

 

Pursuant to the Inducement Letter, we also agreed to file a registration statement on Form S-1 providing for the resale of the common stock issuable upon the exercise of the New Series H Warrants (the “Resale Registration Statement”), within 15 days of the Closing Date, and to use its best efforts to have such Resale Registration Statement declared effective by the SEC within 45 days (or 75 days if the SEC reviews the Resale Registration Statement) and to keep the Resale Registration Statement effective at all times until no holder of the New Series H Warrants owns any New Series H Warrants or common stock underlying the New Series H Warrants.

 

-2-

 

 

In addition, we have also agreed not to (a)(i) for 15 days following the Closing Date, issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or common stock equivalents or (ii) file any registration statement or any amendment or supplement thereto, in each case other than the filing a registration statement on Form S-8 in connection with any employee compensation plan, subject to exceptions; and (b) enter into variable rate financing for a period of for the 6 months following the Closing Date, subject to exceptions.

 

The forms of the New Series H Warrants and Inducement Letter are filed as Exhibits 4.1 and 10.1, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. The foregoing description of the terms of the New Series H Warrants, and Inducement Letter are not intended to be complete and are qualified in its entirety by reference to such exhibits. The Inducement Letter contains customary representations, warranties and covenants by us which were made only for the purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.

 

Item 3.02 Unregistered Sales of Equity Securities.

 

The description of the New Series H Warrants under Item 1.01 of this Form 8-K is incorporated by reference herein.

 

The New Series H Warrants will be issued pursuant to the exemption from the registration requirements of the Securities Act available under Section 4(a)(2) and Regulation D issued thereunder. Neither the issuance of the New Series H Warrants nor the common stock issuable upon exercise of the New Series H Warrants have been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

 

Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy our securities.

 

Item 7.01 Regulation FD Disclosure.

 

On July 9, 2025, the Company issued a press release announcing the transactions described in Item 1.01 above. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The information reported under Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, is being “furnished” and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
4.1   Form of New Warrant
10.1   Form of Inducement Letter
99.1   Press Release dated July 9, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

-3-

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Calidi Biotherapeutics, Inc.
Dated: July 10, 2025    
  By: /s/ Andrew Jackson
  Name: Andrew Jackson
  Title: Chief Financial Officer

 

-4-

FAQ

How much cash will Calidi Biotherapeutics (CLDI) raise from the warrant exercise?

The immediate exercise of 6,595,000 warrants at $0.70 will generate approximately $4.6 million in gross proceeds before fees.

What are the terms of the new Series H warrants issued by CLDI?

Series H warrants cover 6,595,000 shares, have a $0.70 exercise price, become exercisable six months after issuance, and expire 66 months from issuance.

Will the transaction dilute existing CLDI shareholders?

Yes. The 6.6 M exercised warrants add ~19 % dilution immediately, and Series H warrants could add another ~19 % if fully exercised.

What will Calidi use the $4.6 million in proceeds for?

Management states the funds will be deployed for general corporate purposes.

Are there restrictions on future financings after this deal?

CLDI agreed to avoid new share issuances for 15 days and any variable-rate financing for six months following the closing date.

When will the resale of Series H warrant shares be registered?

The company must file a Form S-1 within 15 days and seek effectiveness within 45 days (75 if reviewed) post-closing.
Calidi Biotherapeutics Inc

NYSE:CLDI

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7.81M
32.65M
7.88%
4.06%
2.99%
Biotechnology
Biological Products, (no Disgnostic Substances)
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United States
SAN DIEGO