FLAG SPAC to acquire Calidi Biotherapeutics in $250M business combination

Calidi Biotherapeutics, Inc.

Equity value of Calidi set at $250M; consideration includes FLAG common stock and escalation shares tied to $12/$14/$16/$18 targets.
Up to 18M additional shares (4.5M per price target) issuable as escalation consideration to pre-merger Calidi stockholders.
Non-redeeming FLAG public stockholders eligible for up to 2M continuation shares pro rata upon price target achievement.
Closing requires minimum $15M cash; FLAG may raise up to $40M in PIPE investment and Calidi up to $40M in equity issuances.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Calidi Biotherapeutics, Inc. entered into Agreement and Plan of Merger with First Light Acquisition Group, Inc., FLAG Merger Sub, Inc., First Light Acquisition Group, LLC, and Allan Camaisa valued at $250,000,000 (effective 2023-01-09).

Action: entry
Agreement: merger
Counterparty: First Light Acquisition Group, Inc., FLAG Merger Sub, Inc., First Light Acquisition Group, LLC, and Allan Camaisa
Value: $250,000,000
Effective: 2023-01-09

Exact text from the filing

On January 9, 2023, First Light Acquisition Group, Inc., a Delaware corporation (“ FLAG ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”), by and among FLAG, FLAG Merger Sub, Inc., a Nevada corporation and a direct, wholly owned subsidiary of FLAG (“ Merger Sub ”), Calidi Biotherapeutics, Inc., a Nevada corporation (the “ Company ” or “” Calidi ”), First Light Acquisition Group, LLC, in the capacity as the representative of the stockholders of FLAG (the “ Sponsor ”) and Allan Camaisa, in the capacity as the representative of the stockholders to the Company.

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Calidi Biotherapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-004705

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