ADOC - Calidi Biotherapeutics in deal to go public through SPAC Edoc Acquisition

Calidi Biotherapeutics agreed to go public through a deal with Edoc Acquisition Corp. (NASDAQ:ADOC), which will value the company at about $450M. Calidi would be expected to have cash and cash equivalents, prior to transaction expenses, of about $117M and a pro forma enterprise valuation of $449 million, according to a statement. The transaction includes a $25M PIPE from institutional investors. The deal is expected to be completed in Q2.  Calidi Biotherapeutics describers itself as  a clinical-stage immuno-oncology company with that is working to try to use oncolytic viruses for targeted therapy against difficult-to-treat cancers. H.C. Wainwright & Co. served as financial advisor to Calidi. Lewis Brisbois Bisgaard & Smith LLP acted as legal counsel to Calidi. Ellenoff Grossman & Schole LLP acted as legal counsel to Edoc, and I-Bankers Securities, Inc. as financial advisor to Edoc. Recall November 2020, Edoc Acquisition prices $90M IPO.

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Calidi Biotherapeutics in deal to go public through SPAC Edoc Acquisition