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Calidi Biotherapeutics Inc. (NYSE:CLDI) shares tumbled 35.04% in after-hours trading on Thursday to $0.50.
The after-hours rally came after the San Diego-based biotech announced an underwritten public offering after the markets closed on Thursday.
Calidi plans to offer units of common stock or pre-funded warrants, with the pre-funded warrants available to select investors instead of shares, and each unit will include common warrants.
Calidi noted it expects to grant underwriters a 45-day overallotment option to purchase up to 15% additional shares.
According to the company’s press release, Ladenburg Thalmann & Co. is the sole book-running manager.
The clinical-stage company said it intends to use the proceeds for working capital and general corporate purposes.
CLDI has a Relative Strength Index (RSI) of 38.68.
With a market capitalization of $5.55 million, Calidi has a 52-week range of $0.72 to $19.20.
The stock has fallen 92.45% over the past 12 months.
Price Action: Calidi Biotherapeutics closed the regular session down 3.12% at $0.77, according to Benzinga Pro data.
Currently, the stock is positioned extremely close to its 52-week low.
Benzinga's Edge Stock Rankings indicate that CLDI has a negative price trend across all time frames.
Photo Courtesy: FabrikaSimf on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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