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Murphy Canyon Acquisition Corp. (Nasdaq: MURF), a special purpose acquisition company, is poised to complete a business combination with Conduit Pharmaceuticals Limited, forming Conduit Pharmaceuticals Inc. The company focuses on providing an efficient model for compound development, aiming to acquire Phase II-ready assets for clinical trials and possible third-party license deals. Led by Dr. David Tapolczay and Dr. Freda Lewis-Hall, Conduit boasts a team of experienced pharmaceutical executives. The completion of the Business Combination is anticipated soon, subject to specified conditions.
As part of the transaction, Murphy Canyon Acquisition Corp., with Jack Heilbron as CEO and Chairman, will transition its stock symbols from "MURF" to "CDT" for common stock and from "MURFW" to "CDTTW" for public warrants on The Nasdaq Global Market. Murphy Canyon is sponsored by Murphy Canyon Acquisition Sponsor, LLC, a subsidiary of Presidio Property Trust, Inc.
Murphy Canyon Acquisition Corp. closed its initial public offering (IPO) of 13,225,000 units at $10.00 per unit, including an over-allotment of 1,725,000 units. The units began trading on NASDAQ under the ticker MURFU on February 3, 2022. Each unit consists of one share of common stock and one redeemable warrant, with warrants exercisable at $11.50. The company targets real estate businesses with a combined enterprise value of $300 million to $1.2 billion. The offering was managed by A.G.P./Alliance Global Partners and co-managed by The Benchmark Company.
Murphy Canyon Acquisition Corp. (NASDAQ:MURFU) has announced that its IPO underwriters fully exercised the over-allotment option, resulting in the purchase of an additional 1,725,000 units at $10.00 each. This brings total gross proceeds to $132.25 million. Each unit consists of one share of Class A common stock and a redeemable warrant for one additional share at $11.50. The units began trading on February 3, 2022. The company targets mergers and acquisitions within the real estate sector, aiming for a combined enterprise value of $300 million to $1.2 billion.
Murphy Canyon Acquisition Corp. announced the pricing of its initial public offering (IPO) of 11,500,000 units at $10.00 per unit, which includes one share of common stock and one redeemable warrant. Trading is set to begin on February 3, 2022 on NASDAQ under the ticker symbol MURFU, with the IPO expected to close on February 7, 2022. The company targets businesses in the real estate sector, aiming for an aggregate enterprise value of $300 million to $1.2 billion for potential mergers or acquisitions.
FAQ
What is Murphy Canyon Acquisition Corp.?
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