Edoc (NASDAQ:ADOC) has added a $75 million common stock purchase agreement to its combination with biotech firm Calidi.
As a part of the agreement, Calidi will be able to call upon an unnamed investor to purchase up to $75 million in company stock over a three-year period following close. These shares are to be bought at a 4% discount to the lowest daily VWAP for the three days preceding the purchase.
These purchases will be made for a maximum value of $10 million at a time and or, if lower, in shares equivalent to 30% of the average daily trading volume of Calidi stock in the five preceding days. In exchange for joining the agreement, the investor will also be granted 150,000 shares at close.
Edoc also announced in the 8-K a slight change in terms to the deal’s existing $25 million PIPE, providing a mechanism for damages to PIPE investors should there be delays or failures to notify investors of the registration of their shares.
The SPAC has not yet set a date to vote on the combination, but announced last month that it would transfer 564,847 promote shares (25.1%) to certain investors as a part of a backstop agreement. This agreement also stipulates that Edoc will pay these investors $0.05 per share each month from May 12, 2022 to August 12, 2022 if the deal has not closed by that time.
The parties initially announced their $449 million combination on February 2. La Jolla, California-Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that delivers oncolytic viruses for targeted therapy against difficult-to-treat cancers.
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...