Presidio SPAC sponsor issues up to $1.5M promissory note to extend business combination deadline to Feb 2024

Presidio Property Trust, Inc.

Murphy Canyon Acquisition Corp. issued up to $1.5M promissory note to its sponsor, a Presidio subsidiary.
Note bears no interest; initial draw of $300,000 on March 7, 2023 to fund trust account and expenses.
SPAC's termination date for initial business combination extended from Feb 7, 2023 to Feb 7, 2024 on month-to-month basis.
Note repayable upon consummation of business combination or winding up of SPAC.
SPAC is controlled by Presidio due to equity ownership and overlapping officers/directors.

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

Presidio Property Trust, Inc. entered into Note with Murphy Canyon Acquisition Sponsor, LLC valued at $1,500,000 (effective 2023-03-07).

Action: entry
Agreement: notes offering
Counterparty: Murphy Canyon Acquisition Sponsor, LLC
Value: $1,500,000
Effective: 2023-03-07

Exact text from the filing

On March 7, 2023, Murphy Canyon Acquisition Corp. (the “SPAC”) issued a promissory note (the “Note”) in the principal amount of up to $1,500,000 to Murphy Canyon Acquisition Sponsor, LLC (the “Sponsor”), a wholly owned subsidiary of Presidio Property Trust, Inc. (the “Company”) which serves as the sponsor for the SPAC, in connection with the extension of the termination date for the SPAC’s initial business combination (the “Initial Business Combination”) from February 7, 2023, to February 7, 2024, on a month-to-month basis.

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Presidio Property Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-006987

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