Edoc Acquisition in a regulatory filing said it entered a common stock purchase agreement for up to $75 million with an institutional investor. The agreement supports its post-merger deal with Calidi Therapeutics in a transaction that values the combined enterprise at $449 million..
The stock purchase agreement gives Calidi the right to ask the unnamed institutional investor to purchase shares over a three-year period, post-merger. Shares under the greement would be offered at a 4% discount to the lowest daily VWAP for three days prior to the purchase.
The SPAC also tweaked its $25 million PIPE arrangement to provide damages for delays or failure to notify investors of the registration of their shares.
Calidi Biotherapeutics is a clinical-stage biotechnology company developing cell-based delivery of oncolytic viruses.
Edoc raised $90 million in a November 2020 IPO.
A date has not been set for the merger vote. Read more.
