false
0001855485
0001855485
2025-08-20
2025-08-20
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): August 20, 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 Drive, Suite 200,
San
Diego, California |
|
92121 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
(858)
794-9600
(Registrant’s
telephone number, including area code)
N/A
(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(s) |
|
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
August 20, 2025, Calidi Biotherapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting
Agreement”) with Ladenburg Thalmann & Co. Inc., as representative of the various underwriters named under Schedule I therein
(“Representative” or “Underwriter”), in connection with the issuance and sale (the “Offering”) of:
(i) 1,922,764 common stock units (“Common Stock Unit”), which includes the 450,000 Common Stock Units purchased pursuant
to the exercise, in full, of the Over-Allotment Option and (ii) 1,528,000 pre-funded warrant units (“Pre-Funded Unit”), resulting
in gross proceeds of approximately $6.9 million, before deducting underwriting discounts and commissions and other estimated offering
expenses. The Company intends to use the proceeds from the sale of its securities for working capital and general corporate
purposes, pre-clinical studies and clinical trial preparation. In connection with the Offering the Company also issued to the Representative (or its designees) certain warrants (the “Representative’s
Warrants”) to purchase up to 172,538 shares of Common Stock. The Representative’s Warrants have an exercise price of $3.00,
are immediately exercisable and will expire on August 20, 2030.
Each
Common Stock Unit consisted of (i) one share of common stock of the Company, par value $0.0001 (the “Common Stock”), and
(ii) one Series I warrant (the “Common Warrant”) and each Pre-Funded Unit consisted of (i) one pre-funded warrant (the “Pre-Funded
Warrants”) and (ii) one Common Warrant. Each Common Stock Unit was sold to the public at a price of $2.00 per Common Stock Unit
and each Pre-Funded Unit was sold to the public at a price of $1.999 per Pre-Funded Unit (which represents the public offering price
of each Common Stock Unit less the $0.001 per share nominal exercise price for each Pre-Funded Warrant). Each Common Warrant is immediately
exercisable, entitles the holder to purchase one share of Common Stock at an exercise price of $2.00 per share and expires five years
from the date of issuance. Each Pre-Funded Warrant is immediately exercisable, entitles the holder to purchase one share of Common Stock
and may be exercised at any time until exercised in full. The Common Stock and accompanying Common Warrants included in each Common Stock
Unit were issued separately, and the Pre-Funded Warrants and the accompanying Warrants included in each Pre-Funded Unit were issued separately.
A holder of the Common Warrants or the Pre-funded Warrants (together with
its affiliates) may not exercise any portion of the Common Warrant or Pre-Funded Warrant to the extent that the holder would own more
than 4.99% (or 9.99%, 14.99% or 19.99% at the election of the holder) of the outstanding shares of Common Stock immediately after exercise,
except that upon at least 61 days’ prior notice from the holder to the Company, the holder may elect to increase such holding.
The
Common Stock Units; the Pre-Funded Units; the shares of Common Stock comprising the Common Stock Units; the Common Warrants; the Pre-Funded
Warrants; the shares of Common Stock issuable upon exercise of the Common Warrants and the Pre-Funded Warrants; the Representative’s
Warrants and the shares of Common Stock issuable upon exercise of the Representative’s Warrants are collectively referred to herein
as the “Securities.” The Securities were offered by the Company pursuant to a registration statement on Form S-1 (File No.
333- 289670), which was declared effective by the Securities Exchange Commission on August 20, 2025. A final prospectus in relation to
the Offering was filed by the Company with the SEC on August 21, 2025. The Offering closed on August 21, 2025 (the “Closing Date”).
On
the Closing Date, the Company also entered into a warrant agency agreement (the “Warrant Agency Agreement”) with Equiniti Trust
Company, LLC., as warrant agent (the “Warrant Agent”). The Warrant Agency Agreement sets forth certain terms and conditions
with respect to the Warrant Agent’s service as warrant agent for the Warrants.
The
Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing,
indemnification obligations of the Company and the various underwriters, including for liabilities under the Securities Act of 1933,
as amended (the “Securities Act”), other obligations of the parties and termination provisions. Pursuant to the terms of
the Underwriting Agreement, and subject to certain exceptions as set forth therein, until sixty (60) days following the Closing Date,
the Company has agreed not to issue (or enter into any agreement to issue) any shares of Common Stock or Common Stock equivalents. The
Company has further agreed not to enter into an agreement involving a variable rate transaction until six (6) months following the Closing
Date, provided however that the prohibition on “at-the-market offerings” and the issuance of common stock pursuant to an
equity line of credit shall expire on the six-month anniversary of the closing date of this Offering, and subject to certain exceptions.
In addition, each of the Company’s directors and executive officers have entered into lock-up agreements pursuant to which each
of them has agreed not to, for a period of ninety (90) days, from the closing of the Transactions, offer, sell, transfer or otherwise
dispose of the Company’s securities, subject to certain exceptions.
The
foregoing does not purport to be a complete description of each of the Underwriting Agreement, the Common Warrants, the Pre-Funded
Warrants, the Representative’s Warrants and the Warrant Agency Agreement, and each is qualified in its entirety by reference
to the full text of each of such document, the forms of which are filed as Exhibits 1.1, 4.1, 4.2, 4.3 and 10.1, respectively, to
this Current Report on Form 8-K, and are incorporated herein by reference. The final executed Underwriting Agreement and Warrant Agency Agreement will be filed by the Company in its quarterly
filing on Form 10-Q for the quarter ended September 30, 2025.
Item
8.01 Other Events.
On
August 20, 2025, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is furnished
as Exhibit 99.1 to this Form 8-K.
On
August 21, 2025, the Company issued a press release announcing the closing of the Offering. A copy of the press release is furnished
as Exhibit 99.2 to this Form 8-K.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.
| Exhibit
No. |
|
Description |
| 1.1 |
|
Underwriting Agreement, dated August 20, 2025 (incorporated herein by reference to Exhibit 1.1 to Form S-1 filed with the SEC on August 15, 2025). |
| 4.1 |
|
Form of Pre-funded Warrant (incorporated herein by reference to Exhibit 4.21 to Form S-1 filed with the SEC on August 15, 2025). |
| 4.2 |
|
Form of Series I Common Warrant (incorporated herein by reference to Exhibit 4.20 to Form S-1 filed with the SEC on August 15, 2025). |
| 4.3 |
|
Form of Representative Warrant (incorporated herein by reference to Exhibit 4.22 to Form S-1 filed with the SEC on August 15, 2025). |
| 10.1 |
|
Form of Warrant Agency Agreement (incorporated herein by reference to Exhibit 4.23 to Form S-1 filed with the SEC on August 15, 2025). |
| 99.1 |
|
Pricing Press Release dated August 20, 2025. |
| 99.2 |
|
Closing Press Release dated August 21, 2025 |
| 104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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: August 22, 2025 |
|
|
| |
By: |
/s/ Andrew
Jackson |
| |
Name: |
Andrew Jackson |
| |
Title: |
Chief Financial Officer |
