Edoc Acquisition called off its plan of merger with Calidi Biotherapeutics late Friday, after postponing and ultimately cancelling a shareholder vote on the deal that evening.
Edoc did not slam the door, saying in a news release that it may continue to discuss the possibility of engaging in a business combination with Calidi. The SPAC also said it intends to promptly begin evaluating other possible targets.
The SPAC’s shareholders late Friday voted in favor of another deadline extension to Feb. 12, 2023. This is the third deadline extension in the last year. Redemptions ahead of a deadline extension approval in February wiped out nearly $65 million of the SPAC’s $92 million trust at the time.
In May the SPAC lowered the aggregate value of the consideration to Calidi from $400 million to $380 million. Read more.
