EDOC Acquisition said its sponsor and its merger partner Calidi Biotherapeutics will infuse the SPAC’s trust with more cash for shareholders who do not redeem in connection with the upcoming deadline extension vote a week from today.
The proposal calls for extending the deadline from from Aug. 12 until Feb. 12, 2023.
In connection with the extension, the SPAC’s sponsor and Calidi will increase their contributions to the trust account for each for share that is not redeemed. The agreement calls for a contribution of 3.3 cents per share monthly until Nov. 12, increasing to 5 cents a share for each month thereafter 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.
