First Light Acquisition Group, Inc. (NYSE:FLAG) announced in an 8-K this morning that it has brought additional funding to its combination with Calidi Therapeutics through a non-redemption agreement, forward purchase agreement (FPA) and PIPE.
The FPA is potentially the largest of these moves, covering up to 660,000 shares with investment from Great Point Capital, Funicular Funds and Marybeth Wooton. These investors have also agreed to purchase 45,714 shares for $5.25 per share through the PIPE, bringing in about $240,000 for the company.
As a third move, the trio will not redeem 205,714 shares and will be paid $1.08 million for opting to do so. This amount is equal to half of those shares’ value at First Light’s redemption price.
The SPAC has already secured shareholder approval for its $335 million combination combination with Calidi, which it initially announced 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.
Earlier this week, First Light announced it had come to a similar FPA and non-redemption agreement with Meteora Capital Partners, which would cover up to 340,000 shares and protect 129,524 from redemption. All of these FPA’s cap the respective investors’ shareholdings at 9.9% of the total float, but having a larger number of overall investors likely helps raise the floor in terms of shares First Light can include.
Like Meteora, these new investors have also also directed capital towards the combined company’s Calidi Cure subsidiary. Overall, the company has now raised $1.98 million through the sale of Series B preferred shares in Calidi Cure in parallel to these other efforts.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...