Calidi Biotherapeutics, a clinical-stage biotechnology company developing cell-based delivery of oncolytic viruses, today announced plans to merge with Edoc Acquisition.
If approved, the deal is expected to close in the second quarter when Calidi stock would list on the Nasdaq.
The transaction includes gross proceeds of up to $92 million in trust at Edoc (less any redemptions by existing shareholders) and a concurrent $25 million PIPE from institutional investors. Additionally, Edoc entered into backstop arrangements with certain institutional investors for the purchase of up to 2.2 million shares. Edoc has set a Feb. 9 meeting for shareholders to consider a merger deadline extension.
The SPAC raised $90 million in a November 2020 IPO with stated plans to target healthcare companies in North America and Asia-Pacific. Read more.
