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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.
EDOC Acquisition Corp. (NASDAQ: ADOC) has received a request from its sponsor, American Physicians LLC, to extend the deadline for completing a business combination from November 12, 2021, to February 12, 2022. This extension marks the first of up to two allowed three-month extensions. In conjunction with this, the Sponsor plans to deposit $900,000 into the Company’s trust account by November 12, 2021. EDOC focuses on mergers and acquisitions within the healthcare sector in North America and Asia-Pacific.
