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First Light Acquisition Group, Inc. (NYSE: FLAG) is a special purpose acquisition company (SPAC) that recently completed a significant business combination with Calidi Biotherapeutics, Inc., a clinical-stage biotechnology company. This combination was aimed at leveraging Calidi's innovative approach to developing targeted immunotherapies for cancer treatment.

Founded in 2021, the core business of FLAG revolves around identifying and acquiring companies in various sectors that show significant growth potential. The recent merger with Calidi Biotherapeutics, approved by shareholders on September 1, 2023, marks a pivotal moment in FLAG’s history. This transaction made available gross proceeds of approximately $28 million to Calidi, before transaction expenses and debt repayments.

Calidi Biotherapeutics, now trading under the ticker symbols “CLDI” and “CLDI WS” on the New York Stock Exchange American, brings to the table two innovative platforms: NeuroNova, targeting high-grade gliomas, and SuperNova, targeting solid tumors. These platforms use allogeneic stem cells to deliver oncolytic viruses directly to tumor sites, potentially revolutionizing cancer treatment by enhancing efficacy and improving patient safety.

FLAG's partnership with Calidi also includes a forward purchase agreement with a consortium including Meteora Capital LLC, Great Point Capital LLC, and Funicular Funds, LP, potentially securing up to $10 million to further support Calidi's operations. Additionally, Calidi plans to enter into a purchase agreement for up to $50 million with Lincoln Park Capital Fund, LLC, subject to an effective registration statement filed with the SEC.

Advisors for this transaction included Brookline Capital Markets, acting as placement agent and advisor, and legal counsels Lewis Brisbois Bisgaard & Smith LLP for Calidi and Weil, Gotshal & Manges LLP for FLAG.

As Calidi transitions into a public entity, FLAG remains committed to its mission of seeking and fostering high-growth potential entities, with a particular focus on sectors with transformative impacts. This recent merger signifies a strategic expansion into the biopharmaceutical arena, emphasizing FLAG’s versatility and forward-thinking investment approach.

For continual updates on FLAG’s developments, shareholders and potential investors can refer to the detailed documents and filings available on the SEC’s website.