Calidi Biotherapeutics Inc. (NYSE:CLDI) shares tumbled 35.04% in after-hours trading on Thursday to $0.50.

The after-hours rally came after the San Diego-based biotech announced an underwritten public offering after the markets closed on Thursday.

Underwritten Public Offering

Calidi plans to offer units of common stock or pre-funded warrants, with the pre-funded warrants available to select investors instead of shares, and each unit will include common warrants.

Calidi noted it expects to grant underwriters a 45-day overallotment option to purchase up to 15% additional shares.

According to the company’s press release, Ladenburg Thalmann & Co. is the sole book-running manager.

The clinical-stage company said it intends to use the proceeds for working capital and general corporate purposes.

Trading Metrics, Technical Analysis

CLDI has a Relative Strength Index (RSI) of 38.68.

With a market capitalization of $5.55 million, Calidi has a 52-week range of $0.72 to $19.20.

The stock has fallen 92.45% over the past 12 months.

Price Action: Calidi Biotherapeutics closed the regular session down 3.12% at $0.77, according to Benzinga Pro data.

Currently, the stock is positioned extremely close to its 52-week low.

Benzinga's Edge Stock Rankings indicate that CLDI has a negative price trend across all time frames.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.