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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.
Underwritten Public Offering
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 …
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