Murphy Canyon SPAC to merge with Conduit Pharmaceuticals at $650M enterprise value

CDT Equity Inc.

Deal consideration $650 million payable in 65 million MURF shares valued at $10.00 each.
Conduit shareholders to receive MURF Class A common stock; MURF to rename 'Conduit Pharmaceuticals Inc.'
PIPE of $27 million from private investor at $10.00/unit, each unit one share plus one warrant.
Closing expected Q1 2023 subject to stockholder approvals and minimum $27M cash condition.
Sponsor support agreement secured; lock-up agreements for certain Conduit shareholders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CDT Equity Inc. entered into Merger Agreement with Murphy Canyon Acquisition Corp., Conduit Pharmaceuticals Limited, and Conduit Merger Sub, Inc. valued at $650,000,000 (effective 2022-11-08).

Action: entry
Agreement: merger
Counterparty: Murphy Canyon Acquisition Corp., Conduit Pharmaceuticals Limited, and Conduit Merger Sub, Inc.
Value: $650,000,000
Effective: 2022-11-08

Exact text from the filing

On November 8, 2022, Murphy Canyon Acquisition Corp., a Delaware corporation (“ MURF ”), entered into an agreement and plan of merger (the “ Merger Agreement ”) by and among MURF, Conduit Pharmaceuticals Limited, a Cayman Islands exempted company (“ Conduit ”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company and a wholly owned subsidiary of MURF (“ Merger Sub ”).

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Source: SEC EDGAR

accession 0001493152-22-032104

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