First Light Acquisition Group (FLAG) Adds $25M to Calidi Biotherapeutics Deal
by Nicholas Alan Clayton on 2023-06-23 at 7:24am

First Light (FLAG) announced this morning that it has secured $25 million in additional funding for its combination with clinical-stage drug developer Calidi Biotherapeutics.

The investment is to be 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.

The combination did not previously include committed capital provisions, but the parties noted they would seek out a $40 million PIPE at announcement.

The new cash also brings Calidi closer to where it was in a previous SPAC deal announced with EDOC Acquisition Corp. (NASDAQ:ADOC) in March 2022. This included a $25 million PIPE, a $10 million backstop and later a $75 million stock purchase agreement, but it was terminated in August 2022.

Calidi’s new $335 million combination with First Light was announced in January with at a -25% valuation cut from the EDOC deal. But, the new committed capital is nonetheless expected to advance its CLD-101, CLD-201, and CLD-202 drug candidates, which deliver oncolytic viruses for targeted therapy against difficult-to-treat cancers.

Recent Posts
by Marlena Haddad on 2023-11-27 at 1:21pm

Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...

by Nicholas Alan Clayton on 2023-11-27 at 7:43am

At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...

by Kristi Marvin on 2023-11-25 at 11:45am

Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...

by Nicholas Alan Clayton on 2023-11-24 at 7:35am

At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...

by Marlena Haddad on 2023-11-22 at 9:45am

IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved