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.
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