First Light Acquisition Group, Inc. (NYSE: FLAG) announced in a press release today that it will once again be adjourning its completion vote with clinical-stage drug developer Calidi Biotherapeutics.
The SPAC originally intended to hold the special meeting on August 22 before pushing it back to August 24. It has now been announced that the meeting will be postponed once again, this time to August 28th at 10:30 a.m. Eastern Time.
First Light inked its $335 million 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. However, months later, both parties agreed to cancel the merger.
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