Murphy Canyon Acquisition Trims 23% Off Deal Size Ahead of $115M IPO

IPO

Murphy Canyon Acquisition in an amended S-1 filing disclosed it now plans to offer 11.5 million units priced at $10 each, down from the 15 million units initially registered with the SEC earlier this month. The amended filing comes two days after the SPAC filed to request a withdrawal of its IPO, which Murphy Canyon said was made in error.

A unit now consists of one share and a warrant, increased from three-fourths of a warrant.

The SPAC’s acquisition focus is on proptech businesses.

CEO, President and Chairman Jack Heilbron has served as a director, CEO and president of Presidio Property Trust. Heilbron also was chairman, CEO and president of NetREIT Dubose, and has served as CEO and/or president of NetREIT Advisors, Dubose Advisors and NTR Property Management.

A.G.P. is sole book-running manager. Benchmark is co-manager of the offering.

The SPAC has applied to list on the Nasdaq under the symbol MURFU. Read more.

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