Murphy Canyon Acquisition said its stockholders approved the proposed business combination with Conduit Pharmaceuticals.
The newly combined company’s stock and warrants will trade on the Nasdaq under the symbols CDT and CDTTW. The SPAC said if the closing is completed today, trading would begin tomorrow, Sept. 22.
The $700.5 million deal was announced in November. Cash proceeds at that time 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. That would have left the SPAC with roughly $49 million heading into the merger vote.
Murphy Canyon in an 8-K filed after the vote said 2,129,662 additional shares of Class A common stock were redeemed, which would have reduced the remaining cash in trust by nearly half.
A $20 million PIPE added to the deal last week ahead of the merger vote virtually offset the last round of redemptions.
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.
