Calidi Biotherapeutics, Inc. (NYSE American: CLDI), a biopharmaceutical company specializing in biological products with a current market capitalization of $26.08 million, announced today that it has refiled its consolidated financial statements for the fiscal year ended December 31, 2023, to reflect a 1-for-10 reverse stock split. The adjustment was made effective on July 15, 2024, and the updated financial documents have been submitted as part of a Current Report on Form 8-K with the Securities and Exchange Commission. The stock, currently trading at $0.92, has shown significant volatility, trading between $0.73 and $16.80 over the past 52 weeks.
The reverse stock split was executed to adjust the number of shares of Calidi Biotherapeutics' common stock, with the par value remaining at $0.0001 per share. The company's financial statements, including the balance sheets, statements of operations, statements of convertible preferred stock and stockholders' deficit, and statements of cash flows, have been amended to mirror the effects of the reverse stock split. According to InvestingPro analysis, the company faces financial challenges with a weak overall health score and a concerning current ratio of 0.19.
This refiling is strictly for the purpose of accounting for the reverse stock split, and does not alter any other information previously reported in the company's 2023 Annual Report. The company, which is headquartered in San Diego, California, has stated that all other aspects of the 2023 Annual Report remain unchanged and that the newly filed exhibits should be read in conjunction with the original annual report. Despite recent challenges, the stock has shown resilience with a 17.39% year-to-date return. InvestingPro subscribers have access to 12 additional key insights about CLDI's financial position and market performance.
Investors and stakeholders are encouraged to review the modified financial statements for a comprehensive understanding of the company's financial position post-reverse stock split. This move is part of Calidi Biotherapeutics' ongoing financial management and does not reflect any new financial events or transactions beyond the reverse stock split. For detailed financial analysis and real-time updates, investors can access comprehensive metrics and expert insights through InvestingPro.
The information contained in this article is based on a press release statement from Calidi Biotherapeutics.
In other recent news, Calidi Biotherapeutics announced plans for a public stock offering and secured a $2 million investment through a registered direct offering and a concurrent private placement. The biotechnology company aims to raise capital for general corporate purposes and to advance its clinical and preclinical trials. The size and terms of the offering are subject to market conditions, with Ladenburg Thalmann & Co. Inc. serving as the exclusive placement agent.
In board changes, Alan Stewart was elected as a Class I Director, while George Ng opted not to stand for re-election, reducing the board size from six to five members. Marcum LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
Baird maintained an Outperform rating on Calidi Biotherapeutics, albeit with a reduced target price. The company also welcomed Dr. George E. Peoples, a renowned cancer immunotherapy expert, to its board. In research news, Calidi Biotherapeutics presented new data at the American Association for Cancer Research Annual Meeting 2024, focusing on the effectiveness of antitumor virotherapies. These are among the recent developments at Calidi Biotherapeutics.
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