First Light Acquisition Group, Inc. (NYSE: FLAG) announced that it convened and then adjourned, without conducting any other business, its completion vote to August 24, at 10:30 a.m. ET.
Shareholders are to vote on a proposal to approve the SPAC’s $335 million business combination with clinical-stage drug developer Calidi Biotherapeutics.
First Light inked its deal with Calidi earlier this year 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.
The SPAC has seen 82% of its shares redeemed through a pair of extensions, but still has about $42 million remaining in its trust. First Light must maintain at least $15 million in cash available in order for the deal to close.
It recently secured $25 million in additional funding led by Jackson Investment Group, which has put forward $5 million as the first stage of a Series B. The remaining $20 million is conditioned upon Calidi closing its combination with First Light and includes some promote shares as an inducement to investors from First Light’s sponsor and Metric Finance Holdings.
Drug developer Calidi originally planned to go public through a $449 million deal with EDOC (Nasdaq:ADOC) in February 2022, but the parties mutually terminated the combination months later without providing any further details.
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