First Light Acquisition Group (FLAG) Completes Calidi Deal
by Marlena Haddad on 2023-09-11 at 4:59pm

First Light Acquisition Group, Inc. (NYSE:FLAG) announced this afternoon that it expects to close its business combination with Calidi Therapeutics tomorrow, September 12.

The deal was already approved by FLAG shareholders during a special meeting on September 1, but at that time, the parties did not share a proposed timeline for the transaction’s closing.

Prior to the payment of transaction expenses and debt repayments, Calidi will receive gross proceeds of approximately $28 million. The proceeds consist of $25 million in a private capital raise, cash proceeds of approximately $1 million from FLAG’s trust account, and approximately $2 million in PIPE and non-redemption agreements.

Estimated transaction expenses and debt repayments include approximately $13 million and a $5 million working capital adjustment for expenses incurred prior to closing.

Additionally, Calidi recently entered into a forward purchase agreement with a consortium including Meteora Capital LLC, Great Point Capital LLC, and Funicular Funds, LP for up to $10 million.

Calidi’s common stock and warrants have been approved for listing on the NYSE under the ticker symbols “CLDI” and “CLDI WS,” respectively, and are expected to start trading on September 13.

The two sides initially announced their $335 million combination in January. La Jolla, California-based Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that delivers oncolytic viruses for targeted therapy against difficult-to-treat cancers.

In July, it announced that the first brain cancer patient had begun receiving treatment using Calidi’s CLD-101 drug candidate as a part of its Phase I trials. Calidi’s existing management team, including Chief Executive Officer and Chairman, Allan Camaisa, will lead the combined company.

 

First Light Acquisition Group (FLAG) Completes Calidi Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

by Nicholas Alan Clayton on 2025-07-07 at 8:22am

At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved