Edoc Acquisition Corp. (ADOC) Terminates Calidi Biotherapeutics Deal
by Marlena Haddad on 2022-08-12 at 6:07pm

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.


Recent Posts
by Marlena Haddad on 2023-11-30 at 5:50pm

Chavant Capital Acquisition Corp. (NASDAQ:CLAY) announced in an 8-K filing this afternoon that it has amended its business combination agreement with Mobix Labs. The amendment involves specific alterations to the exchange ratio, now set at a one-to-one ratio to determine how many shares of Class A Common Stock and Class B Common Stock Mobix Labs’...

by Marlena Haddad on 2023-11-30 at 5:19pm

ShoulderUp Technology (NYSE:SUAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed private IT company and has terminated its previous LOI with Airspace Experience Technologies. Terms of the new transaction have not yet been announced, but the parties expect to finalize a definitive agreement by the...

by Nicholas Alan Clayton on 2023-11-30 at 3:21pm

The pace of lock-up expirations is picking up in the final month of the year after a relatively quiet November. Seven de-SPACs and sponsors will be freed to run downstairs and see what the public markets have brought them, but not all are likely to find treats in their wooden clogs. The fastest kid into...

by Marlena Haddad on 2023-11-30 at 12:08pm

Innovative International (NASDAQ:IOAC) announced in an 8-K that it has removed its earnout shares in connection to its combination with car sharing program Zoomcar. On November 30, IOAC and Zoomcar agreed to a letter agreement regarding the release of 20 million earnout shares, which were originally intended to be placed in an escrow account upon...

by Nicholas Alan Clayton on 2023-11-30 at 10:10am

Nukkleus (OTC:NUKK) announced “the completion of its strategic merger” with Brilliant (NASDAQ:BRLI) this morning, which has caused some ripples in the market, but it does not appear to represent an actual closing of the business combination. The two sides may have dotted the Is and crossed the Ts on their own internal documents, but Brilliant...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved