Form 4: Calidi Biotherapeutics Director Acquires Shares and Warrants in Public Offering
SEC Form 4
James Schoeneck, a director of Calidi Biotherapeutics, acquired 375,000 shares of common stock and associated warrants through a recent public offering.
Summary
- James Schoeneck, a director of Calidi Biotherapeutics, acquired 375,000 shares of common stock on April 18, 2024, at a price of $0.40 per share, totaling $150,000.
- The acquisition was part of a public offering where each unit consisted of one share of common stock, one Series A warrant, one Series B warrant, and one Series C warrant.
- Schoeneck also acquired 375,000 Series A warrants exercisable at $0.60, expiring on April 18, 2029.
- Additionally, he acquired 375,000 Series B warrants exercisable at $0.60, expiring on April 18, 2025, and 375,000 Series C warrants exercisable at $0.60, expiring on August 18, 2024.
- The shares and warrants are held by the James & Cynthia Schoeneck Family Trust, for which Mr. Schoeneck is a trustee.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. A director investing in the company is generally a good sign, but the offering price is relatively low, suggesting the company needed capital.
Positives
- Director's participation in the public offering demonstrates confidence in the company.
- The company has raised capital through the public offering.
Industry Context
Director's participation in public offerings is a common practice, signaling alignment with company goals. The warrants provide potential future capital for the company if exercised.
Comparison to Industry Standards
- Similar transactions are seen across the biotechnology industry, where directors often participate in equity offerings.
- The terms of the warrants (exercise price and expiration dates) are typical for early-stage biotech companies seeking funding.
Stakeholder Impact
- Shareholders: The public offering may dilute existing shareholders.
- Company: The offering provides additional capital for operations and development.
Key Dates
| Date | Description |
|---|---|
| 2024-01-25 | Date of Limited Power of Attorney |
| 2024-04-18 | Date of earliest transaction: Acquisition of shares and warrants |
| 2024-04-18 | Date of issuance of Series A, B, and C Warrants |
| 2024-04-18 | Public offering closed |
| 2024-04-18 | Series B Warrants expire twelve months from this date |
| 2024-08-18 | Series C Warrants expire four months from April 18, 2024 |
| 2024-04-22 | Date of signature by Attorney-in-fact |
| 2029-04-18 | Series A Warrants expire five years from April 18, 2024 |
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