Lewis Brisbois Represents Cancer Biotech Company In Merger
San Diego, Calif. (September 13, 2023) - A California-based Lewis Brisbois team recently advised clinical-stage biotechnology company Calidi Biotherapeutics in its merger with First Light Acquisition Group (FLAG), which created a publicly-listed company focused on the development of cancer treatments. The combination was completed on Sept. 12, and Calidi’s common stock and warrants – which have been approved for listing on the New York Stock Exchange – began trading on Sept. 13.
The transaction, which was based on an enterprise value of $250 million for Calidi, will result in approximately $28 million in gross proceeds being made available to the company prior to the payment of transaction expenses and debt repayments. That total consists of $25 million in a private capital raise, approximately $1 million in cash proceeds from FLAG’s trust account and approximately $2 million in private investment in public equity (PIPE) and non-redemption agreements. Calidi believes the proceeds will be sufficient to fund its operations into 2025.
The deal brought together highly experienced attorneys in Lewis Brisbois’ Corporate, Public Agency & Public Finance, Securities & Corporate Finance and Tax Practices.
The six-attorney team consisted of Los Angeles and Sacramento Partner and Securities & Corporate Finance Co-Chair Scott E. Bartel; San Francisco Partner Daniel B. Eng; Sacramento and San Francisco Partner Deborah K. Seo; Los Angeles Partner and Tax Practice Vice Chair Steven Novak; and Sacramento Associates Sheryl Tan and Xuan (Amber) Zhao.
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