Welcome to our dedicated page for Edoc Acquisition news (Ticker: ADOC), a resource for investors and traders seeking the latest updates and insights on Edoc Acquisition stock.
Edoc Acquisition Corp. (NASDAQ: ADOC) is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The company is sponsored by an extensive network of physician entrepreneurs across 30+ medical specialties in leading medical institutions and is led by Kevin Chen, Chief Executive Officer.
In November 2020, Edoc consummated an initial public offering of 9 million units, each unit consisting of one Class A ordinary share, one right to receive one-tenth (1/10th) of a Class A ordinary share, upon the consummation by Edoc of its Business Combination and one redeemable warrant, each warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share.
Recently, Edoc announced receiving additional delisting determinations from Nasdaq due to its inability to comply with the IM-5101-2 Requirement and the Minimum Public Holders Requirement. Despite these challenges, Edoc remains proactive, having filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission and scheduling a hearing with the Nasdaq Hearings Panel on February 22, 2024, to appeal the delisting decision.
Edoc is currently engaged in a significant business combination with Australian Oilseeds Investments Pty Ltd., an event anticipated to have profound effects on its market positioning. This business combination aims to leverage the strengths of Australian Oilseeds, a company focused on the manufacture and sale of sustainable oilseeds, to enhance shareholder value. The Business Combination includes the formation of Pubco, which is expected to trade on Nasdaq under the ticker “COOT” upon closing of the transaction.
The strategic partnership is expected to position Pubco as a leading player in the oilseeds market by providing chemical-free, non-GMO feed ingredients. This merger is crucial for Edoc as it aims to navigate through the challenges posed by its current Nasdaq compliance issues while pursuing growth opportunities in the sustainable food supply chain market.
Edoc's commitment to transparency is evident in its frequent updates to shareholders and its proactive approach in addressing regulatory requirements. The upcoming extraordinary general meeting on March 5, 2024, will be pivotal for its shareholders as they vote on the proposed business combination and related matters.
Edoc Acquisition Corp. (Nasdaq: ADOC, ADOC.U) announced the termination of its merger agreement with Calidi Biotherapeutics, Inc. as of August 12, 2022. The company retains the option to discuss future business combinations with Calidi, but no current agreements are in place. Following this, Edoc plans to evaluate new potential business combination targets. This decision underscores the challenges faced by SPACs in securing mergers and highlights Edoc's strategic shift to explore alternative opportunities for growth.
Edoc Acquisition Corp. (Nasdaq: ADOC, ADOC.U) announced the postponement of its extraordinary general meeting of shareholders, originally set for August 12, 2022, at 10:00 a.m. ET, now rescheduled to 8:00 p.m. ET on the same day. The meeting aims to vote on extending the deadline for completing an initial business combination. As of this announcement, enough shareholders have approved the extension. The meeting will be held both in-person and virtually.
Calidi Biotherapeutics and Edoc Acquisition Corp. have announced a definitive merger agreement, expected to close in Q2 2022. The transaction aims to provide approximately $117 million in gross proceeds, aiding Calidi's development programs for its NeuroNova and SuperNova platforms. It includes a $25 million PIPE from institutional investors and up to $92 million from Edoc's trust account. The combined entity will continue under the Calidi name, aiming to innovate cancer therapies and leverage Edoc's network of over 400 physicians.
EDOC Acquisition Corp. (NASDAQ: ADOC) announced an Extension Payment of $900,000 to extend its deadline for business combination by three months, from November 12, 2021, to February 12, 2022. This payment, amounting to $0.10 per public share, allows for potential strategic mergers or acquisitions in the healthcare sector, focusing on North America and Asia-Pacific. The loan was provided by American Physicians LLC and can be converted into units similar to previous private placements, indicating an ongoing commitment to securing a viable business combination.
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