SQFT - Conduit Pharmaceuticals and Murphy Canyon Acquisition Corp. Announce Completion of Business Combination | Benzinga
SAN DIEGO, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Conduit Pharmaceuticals Limited ("Conduit Pharmaceuticals"), a multi-asset clinical-stage disease-agnostic life science company providing an efficient model for compound development, and Murphy Canyon Acquisition Corp., a special purpose acquisition company (NASDAQ:MURF) ("MURF"), announced today the completion of the previously announced business combination (the "Transaction").
- Conduit expects to commence trading on September 25, 2023, under ticker symbol "CDT" for its common stock on The Nasdaq Global Market and ticker symbol "CDTTW" for its warrants on The Nasdaq Capital Market.
- At the debut of trading, there will be a pro forma enterprise value of approximately $720 million. Existing Conduit Pharmaceuticals shareholders will own approximately 90% of the combined company's common stock issued and outstanding as of the closing.
- Immediately prior to completion of the Transaction, MURF closed the previously announced investment by a single institutional investor, which purchased $20.0 million of MURF's units at a price of $10.00 per unit in a private placement. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock (the "Offering"). The warrants have an exercise price of $11.50, are exercisable after 30 days after the completion of the business combination and expire five years after the completion of the Transaction. Together, the Transaction and the Offering, provide Conduit with approximately $20 million, after giving effect to Murphy Canyon stockholder redemptions and before payment of Transaction and Offering expenses.
- The Transaction was completed on September 22, 2023
In connection with the completion of the Transaction, MURF changed its name to Conduit Pharmaceuticals Inc. The shares of common stock of the combined company ("Conduit") are expected to begin trading on September 25, 2023, under the new ticker symbol "CDT" on The Nasdaq Global Market and the warrants under the new ticker symbol "CDTTW" on The Nasdaq Capital Market.
Management
Conduit Pharmaceuticals is led by a team of pharmaceutical industry veterans. Dr. Dave Tapolczay, former CEO of LifeArc and Worldwide Head of Chemistry at Zeneca Agrochemicals, is the Chief Executive ...