Calidi to effect 1-for-10 reverse stock split

Calidi announced that its board of directors has approved the reverse stock split of its outstanding shares of common stock at a ratio of 1-for-10. The reverse stock split is expected to become effective at 12:01 a.m. Eastern Time on July 15. The company’s common stock is expected to commence trading on a split-adjusted basis when the NYSE American market opens on July 15 under the existing symbol. At the special meeting of stockholders held on June 6, the company’s stockholders approved the amendment to the company’s Certificate of Incorporation, as amended, to effect a reverse stock split of the company’s common stock at a ratio of not less than 1-for-10 and not more than 1-for-50, with the ratio to be determined by the company’s board of directors. On July 1, the board of directors approved the 1-for-10 ratio.