Murphy Canyon Acquisition today in an 8-K said it entered into a subscription agreement with Nirland Limited, which agreed to purchase $20 million of the SPAC’s units. The funding will be used to support the SPAC’s proposed merger with Conduit Pharmaceuticals.
Murphy Canyon in the filing also disclosed that it will terminate a $27 million PIPE agreement with Prospect Science Ventures Limited.
A shareholder vote on the merger has been postponed twice since the start of September.
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.
San Diego-based Conduit expects to use the proceeds from the merger to accelerate development of its autoimmune disease and idiopathic male infertility pipeline. Read more.
