Calidi Biotherapeutics today announced the commitment of $25 million in Series B funding led by Jackson Investment Group, which has funded an initial investment of $5 million, with participation from Calidi Cure, a consortium of new and existing investors led by Allan Camaisa, CEO and Chairman of Calidi.
The remaining commitment is conditioned upon the completion of the business combination between First Light Acquisition Group and Calidi. FLAG’s Sponsor and Metric Finance Holdings will contribute sponsor economics to the Series B investors as part of the transaction.
The financing will enable Calidi to continue the advancement of its pipeline including CLD-101, CLD-201, and CLD-202, which utilize a potent allogeneic stem cell and oncolytic virus combination for use in multiple oncology indications.
The deal has a pro forma enterprise valuation of approximately $335 million.
If approved, Calidi would list on the NYSE American under the ticker CLDI.
Calidi shareholders will be entitled to receive 25 million shares of FLAG common stock, subject to adjustments. After the closing, Calidi shareholders may be entitled to up to 18 million additional shares of FLAG common stock during a five year period, with incremental releases of 4.5 million shares if the trading price of FLAG common stock hits $12, $14, $16 and $18 for a period for any 20 days within any 30 consecutive day trading period. Additionally, holders of the SPAC’s stock who do not redeem their shares may be entitled to their pro rata portion of up to an additional 2 million shares of FLAG stock during a five-year period with incremental releases of up to 500,000 shares if the trading price of FLAG common stock is $12, $14, $16 and $18 for a period for any 20 days within any 30 consecutive day trading period. Read more.
