Edoc Acquisition Corp. (NASDAQ:ADOC) announced this afternoon that it has mutually terminated its combination with biotechnology firm Calidi Biotherapeutics, Inc.
This morning, Edoc filed an 8-K notifying shareholders that it had postponed its scheduled extension vote from 10AM to 8PM this evening. However, the deal was subsequently terminated ahead of that meeting with Edoc also stating they intend to keep searching for a new business combination target.
Nonetheless, Edoc and Calidi are keeping the door slightly open stating that they both “may continue to discuss the possibility of engaging in a business combination, but there can be no assurance that those discussions will result in a transaction.”
Edoc will still hold its extension vote this evening to move its completion deadline to February 12, 2023. That would give Edoc an additional 6 months to search and announce a new combination agreement. However, its original trust value of $91.5 million had previously been whittled down to approximately $27.5 million at its last extension vote held on February 9.
Edoc announced its business combination agreement with Calidi on February 2, 2022, at an enterprise value of $449 million. 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.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....