Deal-hungry blank-check companies dashing to meet deadlines are eyeing smaller targets as the SPAC mania that led to dozens of multi-billion dollar mergers fizzles, Bloomberg reports.
Calidi Biotherapeutics and First Light Acquisition Group are among the latest to announce a tie-up, assigning the biotech an enterprise value of $335 million. While another SPAC deal valuing Calidi at $449 million fell apart five months ago, the new tie-up underscores sponsors’ desperate hunt for targets as merger deadlines loom. Read more.
