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Calidi Biotherapeutics, Inc. (NYSE American: CLDI), a clinical-stage biotechnology company, has announced that NYSE Regulation staff has decided to initiate delisting proceedings for the company’s warrants (ticker symbol CLDI WS) from the NYSE American. The warrants, each exercisable for 1/10th of a common stock share at $115.00 per whole share, will be suspended from trading immediately.
The delisting decision is based on Section 1001 of the NYSE American Company Guide, citing the warrants’ low trading price as unsuitable for listing. Calidi’s common stock (CLDI) will continue to trade on the NYSE American. The company has the right to appeal this decision to the Listings Qualifications Panel. Upon completion of all procedures, including any potential appeal, the NYSE American will apply to the SEC for the official delisting of Calidi’s warrants.
Calidi Biotherapeutics, Inc. (NYSE American: CLDI), una società di biotecnologie in fase clinica, ha annunciato che il personale di regolamentazione della NYSE ha deciso di avviare le procedure di delisting per i warrants della società (simbolo CLDI WS) dalla NYSE American. I warrants, ciascuno esercitabile per 1/10 di una azione ordinaria al prezzo di $115.00 per azione intera, saranno sospesi immediatamente dalla negoziazione.
La decisione di delisting si basa sulla Sezione 1001 della Guida alle Aziende della NYSE American, citando il basso prezzo di negoziazione dei warrants come inadeguato per la quotazione. Le azioni ordinarie di Calidi (CLDI) continueranno a essere negoziate sulla NYSE American. La società ha il diritto di fare appello contro questa decisione al Comitato per le Qualifiche delle Quotazioni. Una volta completate tutte le procedure, inclusi eventuali appelli, la NYSE American presenterà petizione alla SEC per il delisting ufficiale dei warrants di Calidi.
Calidi Biotherapeutics, Inc. (NYSE American: CLDI), una empresa de biotecnología en etapa clínica, ha anunciado que el personal de regulación de la NYSE ha decidido iniciar procedimientos de exclusión para los warrants de la compañía (símbolo CLDI WS) de la NYSE American. Los warrants, cada uno ejercitable por 1/10 de una acción ordinaria a $115.00 por acción completa, serán suspendidos de inmediato de la negociación.
La decisión de exclusión se basa en la Sección 1001 de la Guía de Empresas de la NYSE American, citando el bajo precio de negociación de los warrants como no adecuado para la cotización. Las acciones ordinarias de Calidi (CLDI) continuarán negociándose en la NYSE American. La empresa tiene el derecho de apelar esta decisión al Panel de Calificaciones de Listados. Una vez completados todos los procedimientos, incluidos posibles recursos, la NYSE American solicitará a la SEC el delisting oficial de los warrants de Calidi.
Calidi Biotherapeutics, Inc. (NYSE American: CLDI), 임상 단계의 생명공학 회사,는 NYSE 규제 직원이 회사의 증권(티커 기호 CLDI WS)을 NYSE American에서 상장 폐지 절차를 시작하기로 결정했다고 발표했습니다. 각 1/10의 보통주에 대해 $115.00의 가격으로 행사할 수 있는 증권은 즉시 거래가 중단됩니다.
상장 폐지 결정은 NYSE American 회사 가이드 제1001조에 근거하며, 증권의 낮은 거래 가격이 상장에 부적절하다고 언급했습니다. Calidi의 보통주(CLDI)는 계속해서 NYSE American에서 거래될 것입니다. 회사는 이 결정에 대해 상장 자격 패널에 항소할 권리가 있습니다. 모든 절차가 완료된 후, 잠재적인 항소를 포함하여 NYSE American은 SEC에 Calidi의 증권의 공식 상장 폐지를 요청할 것입니다.
Calidi Biotherapeutics, Inc. (NYSE American: CLDI), une société de biotechnologie en phase clinique, a annoncé que le personnel de réglementation de la NYSE a décidé d’initier une procédure de radiation pour les warrants de la société (symbole CLDI WS) de la NYSE American. Les warrants, chacun exerçable pour 1/10 d’une action ordinaire au prix de 115,00 $ par action entière, seront immédiatement suspendus de la négociation.
La décision de radiation repose sur la Section 1001 du Guide des entreprises de la NYSE American, citant le faible prix de négociation des warrants comme inapproprié pour la cotation. Les actions ordinaires de Calidi (CLDI) continueront d’être négociées sur la NYSE American. La société a le droit de faire appel de cette décision au Comité des qualifications de cotation. Une fois toutes les procédures terminées, y compris tout appel potentiel, la NYSE American demandera à la SEC la radiation officielle des warrants de Calidi.
Calidi Biotherapeutics, Inc. (NYSE American: CLDI), ein Biotechnologieunternehmen in klinischer Phase, hat bekannt gegeben, dass die NYSE-Regulierungspersonal beschlossen hat, das Delisting-Verfahren für die Warrants des Unternehmens (Ticker-Symbol CLDI WS) von der NYSE American einzuleiten. Die Warrants, die jeweils für 1/10 einer Stammaktie zu einem Preis von $115.00 pro vollwertiger Aktie einlösbar sind, werden sofort vom Handel ausgesetzt.
Die Delisting-Entscheidung basiert auf Abschnitt 1001 des NYSE American Company Guide und nennt den niedrigen Handelspreis der Warrants als ungeeignet für die Listung. Die Stammaktien von Calidi (CLDI) werden weiterhin an der NYSE American gehandelt. Das Unternehmen hat das Recht, gegen diese Entscheidung beim Listings Qualifications Panel Berufung einzulegen. Nach Abschluss aller Verfahren, einschließlich etwaiger Berufungen, wird die NYSE American bei der SEC die offizielle Delistung der Warrants von Calidi beantragen.
Positive
- Common stock (CLDI) continues to trade on NYSE American
Negative
- NYSE American initiating delisting proceedings for CLDI warrants
- Immediate suspension of trading for CLDI warrants
- Warrants deemed unsuitable for listing due to low trading price
Insights
The delisting of Calidi Biotherapeutics’ warrants (CLDI WS) from NYSE American is a significant development, albeit with direct financial impact. This action primarily affects warrant holders and doesn’t immediately change the company’s financial position or operations. However, it does signal potential concerns about the warrants’ value and liquidity.
Key points to consider:
- The common stock (CLDI) remains listed, indicating the core equity isn’t directly affected.
- Warrant terms: Each whole warrant is exercisable for 10% of a share at $115 per whole share, suggesting a high exercise price relative to current market conditions.
- Low trading price of warrants implies they’re far out of the money, reflecting market skepticism about Calidi reaching the implied stock price.
- Delisting may further reduce liquidity for warrant holders, potentially impacting their ability to exit positions.
For investors, this event underscores the importance of scrutinizing the terms and market conditions of derivative securities. While not directly impacting Calidi’s operations, it may influence investor perception and could potentially affect future capital raising efforts.
The NYSE American’s decision to delist Calidi Biotherapeutics’ warrants raises several legal and regulatory considerations:
- Delisting process: The company has the right to appeal, which could delay or potentially reverse the decision. This process is important for maintaining transparency and fairness in the markets.
- Regulatory compliance: The delisting is based on Section 1001 of the NYSE American Company Guide, specifically citing the low trading price. This highlights the importance of maintaining compliance with exchange listing standards.
- Disclosure obligations: Calidi must ensure timely and accurate disclosure of this development to all stakeholders, including in SEC filings, to maintain regulatory compliance and investor trust.
- Investor rights: Warrant holders may face challenges in trading or valuing their securities post-delisting. This could potentially lead to legal actions if investors feel their interests have been adversely affected.
While the common stock remains listed, this event underscores the need for companies to proactively manage all their listed securities to maintain good standing with exchanges and regulators. Investors should closely monitor the company’s response and any potential impact on overall market perception and liquidity.
SAN DIEGO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Calidi Biotherapeutics, Inc. (NYSE American: CLDI) (“Calidi”), a clinical-stage biotechnology company developing a new generation of targeted antitumor virotherapies, today announced that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants — ticker symbol CLDI WS — of Calidi Biotherapeutics, Inc. (the “Company”), each whole warrant exercisable for 1/10th of a share of common stock at an exercise price of $115.00 per whole share of common stock, from the NYSE American. Trading in the Company’s warrants will be suspended immediately. Trading in the Company’s common stock — ticker symbol CLDI — will continue on the NYSE American.
NYSE Regulation staff has determined that the Company’s warrants are no longer suitable for listing pursuant to Section 1001 of the NYSE American Company Guide due to the low trading price of such warrants.
The Company has a right to a review of NYSE Regulation staff’s determination to delist the Company’s warrants by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. The NYSE American will apply to the Securities and Exchange Commission to delist the Company’s warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
About Calidi Biotherapeutics
Calidi Biotherapeutics (NYSE American: CLDI) is a clinical-stage immuno-oncology company with proprietary technology designed to arm the immune system to fight cancer. Calidi’s novel stem cell-based platforms are utilizing potent allogeneic stem cells capable of carrying payloads of oncolytic viruses for use in multiple oncology indications, including high-grade gliomas and solid tumors. Calidi’s clinical stage off-the-shelf, universal cell-based delivery platforms are designed to protect, amplify, and potentiate oncolytic viruses leading to enhanced efficacy and improved patient safety. Calidi’s preclinical off-the-shelf enveloped virotherapies are designed to target disseminated solid tumors. This dual approach can potentially treat, or even prevent, metastatic disease. Calidi Biotherapeutics is headquartered in San Diego, California. For more information, please visit www.calidibio.com.
Forward-Looking Statements
This press release may contain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “towards,” “would” as well as similar terms, are forward-looking in nature, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements concerning upcoming key milestones (including the reporting of interim clinical results and the dosing of patients), planned clinical trials, and statements relating to the safety and efficacy of Calidi’s therapeutic candidates in development. Any forward-looking statements contained in this discussion are based on Calidi’s current expectations and beliefs concerning future developments and their potential effects and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that Calidi is not able to raise sufficient capital to support its current and anticipated clinical trials, the risk that early results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive review of the data, and as more patient data becomes available, the risk that Calidi may not receive FDA approval for some or all of its therapeutic candidates. Other risks and uncertainties are set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Registration Statements filed with the SEC on (i) Form S-4 filed on August 2, 2023 and the corresponding prospectus filed on August 4, 2023, and (ii) on Form S-1 filed on April 15, 2024, and the Company’s periodic reports filed with the SEC on (i) Form 10-K filed on March 15, 2024, (ii) Form 10-Q filed on May 14, 2024, and (iii) Form 10-Q filed on August 13, 2024. These reports may be amended or supplemented by other reports we file with the SEC from time to time.
For Investors and Media:
Stephen Thesing
ir@calidibio.com
FAQ
Why is NYSE American delisting Calidi Biotherapeutics (CLDI) warrants?
NYSE American is delisting CLDI warrants due to their low trading price, which makes them unsuitable for listing according to Section 1001 of the NYSE American Company Guide.
Will Calidi Biotherapeutics (CLDI) common stock continue trading on NYSE American?
Yes, Calidi Biotherapeutics’ common stock (CLDI) will continue to trade on the NYSE American. Only the warrants (CLDI WS) are affected by the delisting proceedings.
What options does Calidi Biotherapeutics (CLDI) have regarding the warrant delisting?
Calidi Biotherapeutics has the right to appeal the NYSE Regulation staff’s decision to delist the warrants to the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange.
What was the exercise price for Calidi Biotherapeutics (CLDI) warrants before delisting?
Each whole warrant of Calidi Biotherapeutics was exercisable for 1/10th of a share of common stock at an exercise price of $115.00 per whole share of common stock.
