Murphy Canyon Acquisition Corp. (MURF) Further Postpones Completion Vote
by Marlena Haddad on 2023-09-07 at 5:06pm

Murphy Canyon Acquisition Corp. (NASDAQ:MURF) announced this afternoon that its special meeting, scheduled for September 13, has been postponed to September 20 at 10:00 a.m., marking the SPAC’s second postponement.

As a result of this change, Murphy Canyon has also extended the redemption deadline for holders of its common stock to 5:00 p.m. ET, on September 18.

At the meeting, MURF stockholders will be asked to vote on a proposal to approve its $700.5 million business combination with drug developer Conduit Pharmaceuticals.

Murphy Canyon inked the deal with Conduit in November 2022. The SPAC originally brought $136 million into the deal from its trust, but saw 83.46% of this redeemed during a January extension meeting, leaving it with $22.6 million post-vote. It has supplemented this with a $27 million PIPE at $10 per share including both new and existing investors.

London-based Conduit is working to develop a range of treatments licensed from AstraZeneca (NASDAQ:AZN) with the aim of exiting these assets following the completion of Phase II trials.

The combined company is expected to trade on the Nasdaq under the symbol “CDT” once the deal is completed.

 

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