On September 20, 2024, Calidi Biotherapeutics, Inc. held its Annual Meeting of Stockholders, where key decisions regarding the company's board of directors and the appointment of an independent auditor were made. The San Diego-based biotechnology firm, which specializes in biological products, confirmed that approximately 57.57% of the total shares entitled to vote were present in person or by proxy, thus establishing a quorum for the meeting.
The shareholders elected Alan Stewart as a Class I Director to serve a three-year term until the 2027 Annual Meeting of Stockholders. The election was determined by a plurality of votes, with 2,055,631 votes for Stewart and 2,586,208 abstentions. Notably, there were no votes against and no broker non-votes recorded for this election.
In conjunction with the election, the company disclosed that George Ng, a board member since February 2022, had opted not to stand for re-election and consequently ceased to be a Class I director following the meeting.
Subsequent to Ng's departure, the Board, acting on the recommendation of the Nominating and Corporate Governance Committee, reduced the number of board members from six to five by eliminating the Class I vacancy, effective immediately after the Annual Meeting. This adjustment leaves no vacancies on the Board.
Additionally, stockholders ratified the appointment of Marcum LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification passed with 4,547,883 votes in favor, 36,790 against, and 57,166 abstentions.
The changes to the board and the ratification of the auditor are part of the company's governance and oversight mechanisms, ensuring that Calidi Biotherapeutics adheres to its commitment to transparency and accountability. The information presented in this article is based on the company's recent SEC filing.
In other recent news, Calidi Biotherapeutics has undergone significant changes. The company's second-quarter earnings for 2024 led Baird to maintain an Outperform rating on the company, albeit with a reduced target price. Calidi Biotherapeutics also implemented a 1-for-10 reverse stock split as part of its strategic initiatives. The company raised approximately $2.1 million through the exercise of Series B and C warrants and set terms for a public offering to raise an estimated $6.1 million.
The board of directors saw changes with the departure of Mr. George Ng and the addition of Dr. George E. Peoples, a renowned cancer immunotherapy expert. The company also secured a $600,000 loan agreement with Dennis R. Conklin.
In research, Calidi Biotherapeutics revealed new data at the American Association for Cancer Research Annual Meeting 2024, focusing on the role of stem cells in enhancing the effectiveness of antitumor virotherapies. Ladenburg Thalmann & Co, Inc. served as the exclusive placement agent for these transactions.
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