Conduit Pharmaceuticals and Murphy Canyon Acquisition announced today they have closed on their business combination.
- Conduit expects to commence trading Sept. 25 under ticker symbol CDT for its stock on The Nasdaq Global Market and ticker symbol CDTTW for its warrants on The Nasdaq Capital Market.
- At the debut of trading, there will be a pro forma enterprise value of approximately $720 million. Existing Conduit Pharmaceuticals shareholders will own approximately 90% of the combined company’s common stock issued and outstanding as of the closing.
- Immediately prior to completion of the transaction, Murphy Canyon closed on a $20 million PIPE. Proceeds to Conduit were approximately $20 million, after giving effect to Murphy Canyon redemptions and before payment of expenses. Read more.
