Edoc Acquisition in a regulatory filing said it received word from Nasdaq that it faces delisting because its stock has dropped below the $35 million Market Value of Listed Securities Standard. The SPAc was initially notified in April but was given 6 months to regain compliance with the listing requirement.
Edoc in the filing said it would appeal the Nasdaq’s decision.
The SPAC in August terminated a merger agreement with Calidi Biotherapeutics.
Edoc initially raised $90 million in an IPO nearly two years ago, although since then redemptions following several deadline extensions have steadily eroded the SPAC’s cash in trust. Read more.
