First Light Acquisition Group (FLAG) Completes Calidi Deal
by Marlena Haddad on 2023-09-11 at 4:59pm

First Light Acquisition Group, Inc. (NYSE:FLAG) announced this afternoon that it expects to close its business combination with Calidi Therapeutics tomorrow, September 12.

The deal was already approved by FLAG shareholders during a special meeting on September 1, but at that time, the parties did not share a proposed timeline for the transaction’s closing.

Prior to the payment of transaction expenses and debt repayments, Calidi will receive gross proceeds of approximately $28 million. The proceeds consist of $25 million in a private capital raise, cash proceeds of approximately $1 million from FLAG’s trust account, and approximately $2 million in PIPE and non-redemption agreements.

Estimated transaction expenses and debt repayments include approximately $13 million and a $5 million working capital adjustment for expenses incurred prior to closing.

Additionally, Calidi recently entered into a forward purchase agreement with a consortium including Meteora Capital LLC, Great Point Capital LLC, and Funicular Funds, LP for up to $10 million.

Calidi’s common stock and warrants have been approved for listing on the NYSE under the ticker symbols “CLDI” and “CLDI WS,” respectively, and are expected to start trading on September 13.

The two sides initially announced their $335 million combination in January. La Jolla, California-based Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that delivers oncolytic viruses for targeted therapy against difficult-to-treat cancers.

In July, it announced that the first brain cancer patient had begun receiving treatment using Calidi’s CLD-101 drug candidate as a part of its Phase I trials. Calidi’s existing management team, including Chief Executive Officer and Chairman, Allan Camaisa, will lead the combined company.

 

Recent Posts
by Nicholas Alan Clayton on 2024-06-13 at 12:39pm

After years of ratcheting up financial incentives to make and buy EVs, the world’s trade blocks are now rushing to stack up protectionist barriers, leaving the recent string of EV de-SPACs divided between them. Hong Kong-based EV maker Thunder Power may be the latest to join this increasingly complicated sector as Feutune Light (NASDAQ:FLVF) shareholders...

by Nicholas Alan Clayton on 2024-06-13 at 8:40am

At the SPAC of Dawn No news is good news appears to be the SPAC takeaway from CPI and Fed comments double-header yesterday. With inflation steady and one rate cut still expected for 2024, SPACs and de-SPACs in volatile sectors may now have a somewhat clearer flight path through the rest of the year. Fashion...

by Nicholas Alan Clayton on 2024-06-12 at 10:12am

Perceptive Capital Solutions Corp announced the pricing of its $75 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “PCSC”, Wednesday, June 12, 2024. The new SPAC intends to focus its target search on the North American and European life sciences and medical technology sectors where its management...

by Nicholas Alan Clayton on 2024-06-12 at 8:23am

At the SPAC of Dawn The ARYA team has been among the SPAC market’s most steady dealmakers and they dropped a new presentation this morning for ARYA Sciences IV‘s (NASDAQ:ARYD) pending combination with medical device manufacturer Adagio Medical. Much of the deck rehashes already released information, but it has given more texture on how the...

by Nicholas Alan Clayton on 2024-06-11 at 12:22pm

EQV Ventures (NYSE:EQV.U) is the largest SPAC to file since April 2023 as it seeks a $350 million IPO that reflects the ongoing experimentation in underwriting approaches over the last two months of 2024. It is BTIG’s first new SPAC filed for 2024, and it is structured to compensate the firm in a unique way....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved