==Calidi Biotherapeutics (CLDI) began trading on the NYSE on Wed 13 Sep 23

• Calidi Biotherapeutics, a San Diego-based biotech company, has gone public through a special purpose acquisition company (SPAC). The company has secured nearly $70 million in funding to develop its allogeneic stem cell therapies through 2025. Calidi is merging with First Light Acquisition Group (FLAG).
 

The stock was dropped 46% to $4.35 in early trading on Wednesday. The shares fell as much as 50% to a low of $4 when the market opened.

Calidi's trading debut followed the completion of its merger with the blank-check company First Light Acquisition.

The business combination made about $28 million in gross proceeds available to the clinical-stage biotechnology company, consisting of $25 million in a private capital raise, cash proceeds of about $1 million from First Light's trust account and about $2 million in private investments and non-redemption agreements.

Transaction expenses and debt repayments are estimated to be about $13 million, along with a $5 million working capital adjustment for expenses incurred prior to closing. The funds should be enough to sustain operations into 2025, Calidi said.

==Birkenstock (BIRK) filed on Tuesday with the SEC for an IPO

 

Birkenstock's F-1 : " In fiscal 2022, we generated revenues of 1,242.8 million, gross profit margin of 60%, Adjusted gross profit margin of 62%, net profit of 187.1 million, Adjusted EBITDA of 434.6 million and Adjusted EBITDA margin of 35%, while selling approximately 30 million units... In the current era, we have built on our legacy while continuing to revolutionize processes and strategies to unleash our global potential, growing revenues at a 20% CAGR from fiscal 2014 to fiscal 2022."

• Key financials:
  • Revenues increasing from 727.9 million in fiscal 2020 to 1,242.8 million in fiscal 2022, a 31% two-year CAGR;
  • Number of units sold increasing at a 12% CAGR between fiscal 2020 and fiscal 2022;
  • ASP increasing at a 16% CAGR between fiscal 2020 and fiscal 2022;
  • DTC penetration increasing from 30% of revenues in fiscal 2020 to 38% of revenues in fiscal 2022;
  • Gross profit margin expanding from 55% in fiscal 2020 to 60% in fiscal 2022;
  • Adjusted EBITDA growing at a 49% two-year CAGR from 194.8 million in fiscal 2020 to 434.6 million in fiscal 2022, with Adjusted EBITDA margin expanding 8 percentage points from 27% in fiscal 2020 to 35% in fiscal 2022.

Smith Douglas Homes files for IPO

Smith Douglas Homes has filed for an initial public offering, citing strengths such as a “land-light” and conservatively leveraged business model.

The Woodstock, Ga., company had 2022 revenue of $755.4 million, up from $518.9 million in 2021.

Smith Douglas, which focuses on southeastern and southern states, typically buys finished lots through lot-option contracts from third-party land developers or land bankers. The company believes its lot acquisition strategy “reduces our operating and financial risk relative to other homebuilders that own a higher percentage of their land supply on balance sheet.”

The company plans to seek a New York Stock Exchange listing under the symbol SDHC.

Smith Douglas plans to use proceeds to buy newly issued LLC Interests from Smith Douglas Holdings LLC, which in turn plans to use the funding for purposes including repaying credit facility debt and redeeming Class C and Class D units.

Smith Douglas Homes may also use some of the proceeds to acquire or invest in businesses, products, services or technologies.