EDOC Acquisition in a preliminary proxy plans to call a meeting for shareholders to vote on a deadline extension so the SPAC would have time to seal its deal with Calidi Biotherapeutics.
The proposal calls for extending the deadline from from Aug. 12 until Feb. 12, 2023. EDOC has been granted two extensions dating to last November. Following the last one, in February, redemptions of 6,326,758 shares left 5,477,242 ordinary shares outstanding.
In May the SPAC lowered the aggregate value of the consideration to Calidi from $400 million to $380 million.
The SPAC has commitments for a $25 million PIPE that would close concurrently with shareholder approval of the deal, plus backstop arrangements for the purchase of up to 2.2 million shares.
Calidi is a clinical-stage biotechnology company developing cell-based delivery of oncolytic viruses. Read more.
