Calidi announces termination of standby equity purchase agreement

Calidi (CLDI) Biotherapeutics announced that its ending cash balance at December 31, 2024 was approximately $9.6M. Due to Calidi’s bolstered cash balance and success in recent fundraising, including proceeds resulting from its At-The-Market Offering Agreement, Calidi terminated its Standby Equity Purchase Agreement with YA II PN, Ltd., an affiliate of Yorkville Advisors, effective January 23, 2025. In connection with the SEPA executed in December 2023 and amended in January 2024, Calidi was granted the option to sell up to $25M of common stock over a three-year period, subject to certain trading volume and beneficial ownership provisions. The shares underlying the SEPA have not been registered and Calidi did not exercise any option to sell such shares. In the fourth quarter of 2024, Calidi secured $9.5M in gross proceeds, before deducting expenses, through two public offerings, supplemented by $2M from warrant exercises and $3.1M from its ATM facility. In January 2025, Calidi announced another public offering that raised an additional $4.25M in gross proceeds, before deducting expenses. These public offerings have bolstered Calidi’s cash position, and together with the availability of the ATM facility, positioned it to meet its capital needs without relying on the SEPA framework.