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.
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63...
At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)...
Terms Tracker for the Week Ending May 3, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The big news this week was that SPACs finally had a new IPO price with Churchill Capital Corp. IX’s $250 million offering on Thursday. SPACs...
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates...
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...