SPACInsider Logo
Edoc Acquisition Corp. (ADOC) Adds $75M to Calidi Biotherapeutics Deal
by Nicholas Alan Clayton on 2022-03-17 at 7:08am

Edoc (NASDAQ:ADOC) has added a $75 million common stock purchase agreement to its combination with biotech firm Calidi.

As a part of the agreement, Calidi will be able to call upon an unnamed investor to purchase up to $75 million in company stock over a three-year period following close. These shares are to be bought at a 4% discount to the lowest daily VWAP for the three days preceding the purchase.

These purchases will be made for a maximum value of $10 million at a time and or, if lower, in shares equivalent to 30% of the average daily trading volume of Calidi stock in the five preceding days. In exchange for joining the agreement, the investor will also be granted 150,000 shares at close.

Edoc also announced in the 8-K a slight change in terms to the deal’s existing $25 million PIPE, providing a mechanism for damages to PIPE investors should there be delays or failures to notify investors of the registration of their shares.

The SPAC has not yet set a date to vote on the combination, but announced last month that it would transfer 564,847 promote shares (25.1%) to certain investors as a part of a backstop agreement. This agreement also stipulates that Edoc will pay these investors $0.05 per share each month from May 12, 2022 to August 12, 2022 if the deal has not closed by that time.

The parties initially announced their $449 million combination on February 2. La Jolla, California-Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that delivers oncolytic viruses for targeted therapy against difficult-to-treat cancers.

 

Recent Posts
by Marlena Haddad on 2022-12-08 at 5:35pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation   Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...

by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved