Exhibit 99.1
FIRST LIGHT ACQUISITION GROUP, INC. Further Adjourns Special Meeting of Stockholders to August 28, 2023 at 10:30 am ET
New York, New York August 24, 2023 First Light Acquisition Group, Inc. (NYSE: FLAG) (FLAG) today announced that it reconvened
and then further adjourned, without conducting any other business, its virtual Special Meeting of Stockholders to August 28, 2023 at 10:30 a.m., Eastern time (the Special Meeting). The Special Meeting was previously convened and
adjourned on August 22, 2023.
The adjourned Special Meeting will be held via the same live webcast at
https://www.cstproxy.com/firstlightacquisition/2023.
The Special Meeting is being held to consider and vote on, among other things, the business
combination transaction between FLAG and Calidi Biotherapeutics, Inc. (Calidi), pursuant to an Agreement and Plan of Merger, dated January 9, 203, as amended, by and among FLAG, FLAG Merger Sub, Inc., a Nevada corporation and a
direct, wholly owned subsidiary of FLAG, Calidi, and certain other parties thereto. The Business Combination and the proposals to be voted on at the Special Meeting are further described in FLAGs proxy statement/prospectus dated August 4,
2023 (the Proxy Statement). The Proxy Statement is available in the Investor Resources section of FLAGs website as well as on www.sec.gov.
Stockholders who have previously submitted their proxies or otherwise voted and who do not want to change their vote need not take any action. Stockholders
who held FLAG common stock as of the record date of July 11, 2023 can vote, even if they have subsequently sold their shares.
There is no
change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.
If you are a stockholder and have
any questions about how to vote or direct a vote in respect of your shares of FLAG Common Stock, you may call MacKenzie Partners, Inc., FLAGs proxy solicitor, at (212) 929-5500 (Call Collect) or (800) 322-2885 (Call Toll Free) or by email at proxy@mackenziepartners.com.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation Reform Act of 1995. Terms such as anticipates, believe, continue, could, estimate, expect, intends,
may, might, plan, possible, potential, predicts, project, should, would as well as similar terms, are forward-looking in nature. The
forward-looking statements contained in this discussion are based on Calidis current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Calidi will
be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Calidis control) or other assumptions that may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the occurrence of any event, change or other circumstances
that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; the outcome of any legal proceedings that may be instituted against FLAG, Calidi, the combined company or
others following the announcement of the Business Combination, the PIPE Investment proposed to be consummated concurrently with the Business Combination, and any definitive agreements with respect thereto; the inability to complete the Business
Combination due to the failure to obtain approval of the shareholders of FLAG, the inability to complete any PIPE Investment or other financing needed to complete the Business Combination, or to satisfy other conditions to closing; changes to the
proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; the ability to meet stock exchange
listing standards following the consummation of the Business Combination; the risk that the Business Combination disrupts current plans and operations of Calidi as a result of the announcement and consummation of the Business Combination; the
ability to recognize the anticipated benefits of the Business Combination or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions; costs related to the Business Combination;
changes in applicable laws or regulations; the evolution of