Edoc Acquisition Corp.
ADOC · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from American Physicians LLC, listed on Nasdaq in November 2020.
- What it's doing now
- It agreed in February 2024 to buy Calidi Biotherapeutics, Inc., a cell therapy biotherapeutics company. The deal valued that business at about $380M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Calidi Biotherapeutics, Inc. — Biotherapeutics Calidi Biotherapeutics is a clinical-stage immuno-oncology company with proprietary technology that is revolutionizing the effective delivery and potentiation of oncolytic viruses for targeted therapy against …
- Industry
- Health Care — cell therapy biotherapeutics
- Deal value
- $380M
- announced 8 February 2024
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 12 November 2020
- size not on file · 101.7% of each $10 unit into trust
- Headquarters
- 7612 MAIN STREET FISHERS, VICTOR, NY, 14564
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Li Yan Michael (Director) · Zheng Jintao (Director) · Zhang Xiaoping Becky
- Listed securities
- ADOC common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
At the 6 November 2023 event.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
4 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
redemption rate not stated in the filing
redemption rate not stated in the filing
- 8 February 2024Deal announcedpassed
Combination with Calidi Biotherapeutics, Inc.
Show the earlier 1 milestone
- 12 November 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- Calidi Biotherapeutics, Inc.$380M · announced 8 February 2024closedHealth CareSEC primary
What Calidi Biotherapeutics, Inc. does — read from calidibio.com on 26 August 2026
Calidi Biotherapeutics engineers the future of genetic medicine, precisely delivering genetic medicines to sites of disease from cancer to other complex diseases.
Genetic MedicineCancer
Who has already taken their money back
2 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
0.04M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Nov 6, 2023Extensionno rate stated
Show the other 1 cash-out event
- Aug 10, 2023Extensionno rate stated
The score
deterministic, from filed fieldsADOC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Edoc Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker ADOC. The company priced its initial public offering on November 12, 2020, pursuant to a 424B4 prospectus (accession 0001213900-20-036368) filed under S-1 registration statement 0001213900-20-026748 (SEC file number 333-248819), which registered shares sold for cash. The registrant, assigned SEC CIK 0001824884 and SIC industry code 2070 (Fats & Oils), described itself as a blank-check company in that prospectus. The vehicle completed a business combination and no longer files, with its closure established by Form 25 (accession 0001354457-24-000199) filed on March 22, 2024, under 17 CFR 240.12d2-2(a)(3), indicating that its shares came to evidence other securities in substitution therefor—specifically Class A Ordinary Shares, Warrants, and Rights of the successor.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The Exchange Consideration is $190,000,000 adjusted for AOI's net working capital against a $4,000,000 target, its indebtedness net of cash, and unpaid transaction expenses, with each Pubco share valued at $10.00 — so the share count is not final at the vote and is trued up after closing. Exchange Shares equal to 15% of the estimated consideration go into escrow for 12 months as the sole and exclusive source for the price adjustment and post-closing indemnity claims. Assuming no redemptions, EDOC's public shareholders would own about 7.23% of Pubco against 78.5% for AOI's shareholders.
Unlike most extension votes, this one keeps the $5,000,001 net tangible asset condition rather than removing it, so heavy redemptions would invalidate the extension itself and send the vehicle to liquidation at trust value. That is a genuine protection for holders. The financing behind the Australian Oilseeds deal is $7,000,000 of redeemable debentures and warrants from Arena, a structure that ranks ahead of common equity and typically converts at a discount, so public holders who roll into Pubco sit behind that instrument from day one.
By this meeting Edoc is nearly two years past its original deadline and buying only three more months, which signals the sponsor is unwilling to commit to a longer runway on the Australian Oilseeds transaction. The historical contrast is instructive: the sponsor deposited $900,000 for the first three-month extension in November 2021, a rate of support that later extensions have not matched, so the per-share trust value grew early and has largely stalled since. Public holders retain the redemption right at pro rata trust value at each of these votes.
Six months are being sought on a merger agreement signed barely two months earlier, which at least means the extension is deal-driven rather than an open-ended search. The historical comparison is unflattering to current holders: the sponsor put $900,000 into the trust for the first three-month extension in 2021, a level of support not repeated in later extensions, so the per-share value grew early and has largely stalled. Redemption at pro rata trust value remains available at this vote, and the board retains discretion to end the extension early.
The merger agreement was amended six days after it was signed and again after that, so the operative terms are several revisions removed from the February 2, 2022 agreement a reader might cite. Both the merger sub and the target are Nevada corporations while Edoc is a Cayman Islands company, and the transaction is run through named Purchaser and Seller Representatives rather than by the parties directly. The meeting is unscheduled — '[ ] a.m., Eastern Time, on [________], 2022' — though Edoc's charter fixes its physical place at the offices of Ellenoff Grossman & Schole LLP in New York.
The trust is small next to the financing around it — $27,463,000.80 on February 28, 2022. The PIPE, agreed on February 2, 2022 and amended on March 15, 2022, is 20,000 shares of newly issued Series A Convertible Preferred Stock at $1,000 per share for an aggregate $20 million, plus 500,000 shares of common stock for an aggregate $5 million. A minimum cash condition applies but is waivable by Calidi, and 338,907 Backstop Transferred Founder Shares move from the sponsor under the forward purchase agreements.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
American Physicians LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W · 101.7% of the $10 unit
from 424B4 0001213900-20-036368
Trading & liquidity
Company profile
Directors & officers
- Li Yan MichaelDirector
- Zheng JintaoDirector
- Zhang Xiaoping Becky10% owner
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
16 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Zhang Xiaoping Beckywith 1 other reporting person on the same schedule57.3% · SC 13D/AFeb 14, 2023 stale
- Mint Tower Capital Management B.V.25.4% · SC 13GFeb 14, 2023 stale
- Harraden Circle Investments, LLCwith 1 other reporting person on the same schedule8.4% · SC 13G/AJan 31, 2024 stale
- MIZUHO FINANCIAL GROUP INC7.7% · SC 13GFeb 14, 2022 stale
- METEORA CAPITAL, LLCwith 1 other reporting person on the same schedule7.0% · SC 13G/AFeb 14, 2024 stale
- Shaolin Capital Management LLC5.2% · SC 13GFeb 11, 2022 stale
- SEA OTTER SECURITIES GROUP LLC4.0% · SC 13G/AAug 23, 2022 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule3.4% · SC 13G/AFeb 1, 2023 stale
- Hudson Bay Capital Management LPwith 1 other reporting person on the same schedule1.9% · SC 13G/AJan 25, 2023 stale
- Yakira Capital Management, Inc.with 2 other reporting persons on the same schedule1.7% · SC 13G/AFeb 23, 2023 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 13, 2024 stale
- PERISCOPE CAPITAL INC.0.0% · SC 13G/AFeb 13, 2023 stale
- Polar Asset Management Partners Inc.0.0% · SC 13G/AFeb 13, 2023 stale
- Karpus Management, Inc.0.0% · SC 13G/AMar 10, 2022 stale
- Weiss Asset Management LPwith 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 11, 2022 stale
- BOOTHBAY FUND MANAGEMENT, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 5, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
39 full SEC filing texts archived — searchable, never lost.
- Vault note — ADOC (Edoc Acquisition Corp.)
vault-note · /vault/tickers/ADOC
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail6 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 2070 (Fats & Oils). The screen found it by filing SHAPE instead — S-1 2020-09-15 → 8-A12B 2020-11-09 → 424B4 2020-11-12 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 2070 + self-described blank check in 424B4 0001213900-20-036368; 424B 0001213900-20-036368 priced 2020-11-12 under S-1 0001213900-20-026748 (file 333-248819, an offering for cash); common ticker ADOC off 10-Q 0001213900-23-092080 (2023-12-01); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-248819, which belongs to S-1 0001213900-20-026748 (2020-09-15) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2020-11-12). Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000199 (2024-03-22) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Ordinary Share, Warrant, Right). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "American Physicians LLC" (SEC CIK 0001830148) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-036046.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> BIOTECH, on S-4/A 0001213900-22-029591: "“ Target Company ” means Calidi and its direct and indirect subsidiaries."