Murphy Canyon Acquisition announced that its stockholders meeting originally scheduled for Sept. 13 has been postponed to Sept. 20 at 10 a.m. Eastern. Stockholders are expected to vote on a proposed business combination with Conduit Pharmaceuticals. As a result, the redemption deadline has been pushed back to Sept. 18 at 5 p.m.
No reason was given for the second delay.
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.
San Diego-based Conduit expects to use proceeds to accelerate development of its autoimmune disease and idiopathic male infertility pipeline. Read more.
