Calidi Biotherapeutics Receives NYSE American Notice of Noncompliance

What Happened
Calidi Biotherapeutics, Inc. (CLDI) announced it received an NYSE American letter on September 21, 2026 stating it is not in compliance with the Exchange’s stockholders’ equity listing standard. The Exchange reported the company had stockholders’ equity of $3.1 million as of June 30, 2026, below the $4.0 million minimum required under Section 1003(a)(ii) of the NYSE American Company Guide. The Notice also noted the company recorded net losses in three of its four most recent fiscal years ended December 31, 2025. The company filed the 8-K on September 25, 2026 and issued a press release the same day.

Key Details

• NYSE American found CLDI noncompliant with the stockholders’ equity standard: required $4.0M, reported $3.1M as of June 30, 2026.
• CLDI reported net losses in 3 of the 4 most recent fiscal years ended December 31, 2025.
• Deadline to submit a Plan to regain compliance: October 21, 2026; target date to regain compliance per a plan would be March 21, 2028.
• Trading/Listing status: common stock continues to trade on NYSE American under ticker “CLDI”; Exchange will add a “.BC” indicator and list the company as noncompliant. If no acceptable Plan is submitted or the company fails to meet the Plan, delisting proceedings may follow; the company can appeal any delisting determination.

Why It Matters
The notice signals regulatory risk: if Calidi cannot restore the required equity level or convince the Exchange its recovery plan is likely to succeed, it could face delisting proceedings, which can reduce liquidity and investor demand for the stock. For now, CLDI remains listed and trading, but investors should monitor upcoming filings (the Plan due October 21, 2026) and subsequent quarterly updates to assess whether the company is making acceptable progress toward regaining compliance.