First Light (FLAG) announced this morning that it has secured $25 million in additional funding for its combination with clinical-stage drug developer Calidi Biotherapeutics.
The investment is to be led by Jackson Investment Group, which has put forward $5 million as the first stage of a Series B. The remaining $20 million is conditioned upon Calidi closing its combination with First Light and includes some promote shares as an inducement to investors from First Light’s sponsor and Metric Finance Holdings.
The combination did not previously include committed capital provisions, but the parties noted they would seek out a $40 million PIPE at announcement.
The new cash also brings Calidi closer to where it was in a previous SPAC deal announced with EDOC Acquisition Corp. (NASDAQ:ADOC) in March 2022. This included a $25 million PIPE, a $10 million backstop and later a $75 million stock purchase agreement, but it was terminated in August 2022.
Calidi’s new $335 million combination with First Light was announced in January with at a -25% valuation cut from the EDOC deal. But, the new committed capital is nonetheless expected to advance its CLD-101, CLD-201, and CLD-202 drug candidates, which deliver oncolytic viruses for targeted therapy against difficult-to-treat cancers.
Four Leaf Acquisition Corporation (NASDAQ:FORL) has entered into a definitive agreement to combine with Chinese technology firm Xiaoyu Dida for undisclosed terms. The Guangzhou, China-based firm produces software and hardware for smart car washing systems. The parties have set December 31, 2025 as the initial outside date and the combined company is expected to trade...
At the SPAC of Dawn SPACs are back on the board with a new deal announcement, which is the first in a little over two weeks. This brings the fourth quarter count on fresh deals to a still-meager nine after 27 were announced in the third quarter. By contrast, this quarter has still seen more...
Range Capital Acquisition Corp. (NASDAQ: RANGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RANGU”, Friday, December 20, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but will seek opportunities in capital constrained...
SPAC Deja Vu There’s been a lot of talk this year in the SPAC market about how it’s finally reverting back to a healthier version of deal flow and the comparison is always, “….like 2019”. In fact, in 2019, Trump was in office and there were 59 SPAC IPOs priced. As of this morning, Trump...
This year has seen a variety of innovations for SPACs to continue the lifespan beyond their traditional search windows. In general, this creativity is welcome as long as investors get their chance to have a say and a redemption opportunity at the appropriate time. But, in the second half of 2024, some SPACs have not...