First Light Acquisition (NYSE: FLAG) today completed its merger with Calidi Biotherapeutics.
Stock and warrants of Calidi have been approved for listing on the New York Stock Exchange American under the ticker symbols “CLDI” and “CLDI WS,” respectively, and are expected to begin trading Sept 13.
Gross proceeds to Calidi Biotherapeutics, prior to the payment of transaction expenses and debt repayments, are approximately $28 million, consisting of $25 million in a private raise, cash proceeds of approximately $1 million from FLAG’s trust and approximately $2 million in PIPE and non-redemption agreements.
Estimated transaction expenses and debt repayments include approximately $13 million and, in addition, a $5 million working capital adjustment for expenses incurred prior to closing.
Calidi announced a forward purchase agreement with a consortium including Meteora Capital, Great Point Capital, and Funicular Funds for up to $10 million.
Calidi is focused on developing oncolytic viral therapies with stem cell-based delivery platforms to treat a wide range of cancers with significant unmet needs. Read more.
