Murphy Canyon Acquisition in a proxy filing scheduled a Jan. 26 meeting for shareholders to vote on a deadline extension proposal that would give the SPAC until February 2024 to complete its proposed merger with Conduit Pharmaceuticals.
The $700.5 million deal was announced in November. Cash proceeds are expected to consist of up to approximately $136.04 million held in Murphy’s trust account (before any redemptions and payment of expenses) and a $27 million PIPE.
If the extension is approved, Murphy Canyon would deposit into trust one-third of 1% of the funds remaining in the trust account for each monthly extension following any redemptions after the upcoming vote.
The SPAC raised $115 million in a February 2022 IPO with stated plans at that time to focus on companies in the real estate industry.
If the merger agreement is ultimately approved, San Diego-based Conduit expects to use proceeds from the deal to accelerate development of its autoimmune disease and idiopathic male infertility pipeline. Read more.
Source: Murphy Canyon Acquisition Asking Shareholders for Another Year to Seal Conduit Pharma Deal