Murphy Canyon Acquisition announced today that its stockholders meeting originally scheduled for Sept. 7 has been postponed to Sept. 13 at 10 a.m. Eastern. Stockholders are expected to vote on the proposed merger with Conduit Pharmaceuticals.
Murphy Canyon also extended the redemption deadline to Sept. 11 at 5 p.m. Stockholders who wish to withdraw their previously submitted redemption requests may do so prior to the meeting.
San Diego-based Conduit expects to use proceeds from the deal to accelerate development of its autoimmune disease and idiopathic male infertility pipeline.
The $700.5 million deal was announced in November. Cash proceeds were expected to consist of up to approximately $136.04 million held in Murphy’s trust account at deal announcement. However, 11,037,272 shares were redeemed on an extension vote in January, erasing almost 64% of the trust.
The SPAC also has a $27 million PIPE to support the deal. Read more.
