secwatch.observer — SEC 8-K summary
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Issuer:     Calidi Biotherapeutics, Inc. (CLDI)
CIK:        0001855485
Form:       8-K
Filed at:   2023-09-19T23:59:59+00:00
Accession:  0001193125-23-237077
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 9.01, 5.02, 4.01, 3.03, 5.03, 5.01, 5.05, 5.06
LLM model:  deepseek-v4-flash:cloud@v2

First Light Acquisition Group completes business combination with Calidi Biotherapeutics, begins trading as CLDI
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- Business combination closed Sept 12, 2023; FLAG renamed Calidi Biotherapeutics, Inc., trading under CLDI and CLDI WS.
- Aggregate merger consideration ~$250M plus $23.8M net debt adjustment; 27.4M shares issued to Calidi holders.
- Up to 18M escalation shares earnable if CLDI hits $12/$14/$16/$18 price hurdles over 20 of 30 days.
- 2.7M FLAG public shares redeemed for ~$28.2M; post-merger 35.9M shares outstanding.
- Ownership: Calidi holders 77.4%, FLAG insiders 15.4%, public 7.2%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1855485/000119312523237077/0001193125-23-237077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1855485/000119312523237077/d894152d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-237077

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer