In a recent 8-K filing with the Securities and Exchange Commission, Calidi Biotherapeutics, Inc. disclosed the upcoming departure of Mr. George Ng from its Board of Directors. Mr. Ng will not seek re-election at the company's annual shareholder meeting, opting to focus on his growing professional responsibilities outside of the company. Despite his departure from the board, Mr. Ng will continue his strategic advisory role with the company.
Calidi Biotherapeutics, a San Diego-based biotech company specializing in biological products, stated that Mr. Ng's decision was not due to any disagreements with the company's operations, policies, or practices. As a result of Mr. Ng's pending departure, the board, effective on the date of the 2024 annual shareholder meeting, will downsize from six to five directors.
The board's decision to reduce its size was made on Monday, following Mr. Ng’s notice and was by the company's bylaws. This change was recommended by the Nominating and Corporate Governance Committee.
This development was reported in the company's 8-K filing dated August 20, 2024, which also included the company's financial data and stock information. Calidi Biotherapeutics is listed on the NYSE American LLC under the ticker symbols CLDI for common stock and CLDI WS for warrants.
The information provided in this article is based on a press release statement from Calidi Biotherapeutics.
In other recent news, Calidi Biotherapeutics has made several strategic financial moves. The company announced a 1-for-10 reverse stock split, a decision made to enhance shareholder value. This action will consolidate the number of shares but will not alter the value of each shareholder's investment. The company also secured a $600,000 loan agreement with Dennis R. Conklin, which will mature in three years.
In addition, Calidi Biotherapeutics has raised approximately $2.1 million through the exercise of Series B and C warrants. The company has also set terms for a public offering aiming to raise an estimated $6.1 million. These funds will support the company's clinical and pre-clinical programs, operational expenses, and working capital needs.
On the personnel front, Calidi Biotherapeutics has welcomed Dr. George E. Peoples, a renowned cancer immunotherapy expert, to its Board of Directors. Dr. Peoples brings extensive experience in the development of cancer vaccines and has held notable positions in both clinical and military healthcare settings.
In terms of research, Calidi Biotherapeutics revealed new data at the American Association for Cancer Research Annual Meeting 2024. The study focused on the role of stem cells in enhancing the effectiveness of antitumor virotherapies, supporting the potential of Calidi's CLD-101 and CLD-201 platforms as universal treatments for solid tumors. Ladenburg Thalmann & Co, Inc. served as the exclusive placement agent for these transactions.
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