02:54 PM EDT, 07/09/2025 (MT Newswires) -- Calidi Biotherapeutics ( CLDI ) said Wednesday it has entered into a definitive agreement for the immediate cash exercise of certain outstanding warrants, expected to generate about $4.6 million in gross proceeds.

The clinical-stage biotechnology company said the agreement covers the exercise of series A, B-1, C-1, D, E, and F warrants to purchase up to 6.6 million shares of common stock at a reduced exercise price of $0.70 per share.

In exchange for the immediate exercise, Calidi will issue new unregistered warrants to purchase an equal number of shares. The new warrants will also carry an exercise price of $0.70, exercisable six months after issuance, with a term of five and a half years.

The offering is expected to close around Thursday, pending customary closing conditions.

Calidi said it plans to use the net proceeds to support its clinical and pre-clinical programs, as well as for operating expenses and working capital.

Shares of the company were up almost 118% in recent trading.

Price: 0.73, Change: +0.40, Percent Change: +117.91