Murphy Canyon (NASDAQ:MURF) announced this morning that it has closed its combination with Conduit Pharmaceuticals and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “CDT” and “CDTTW” on September 25.
The company also closed a purchase of $20 million in Murphy Canyon units at close, which is to form substantially all of Conduit’s net proceeds after the SPAC saw 99.5% redemptions with 58,066 shares remaining post-vote.
That low share count led Murphy Canyon stock to spike to $25 at one point this week, but it has already settled back down to about $11.70 near midday.
Murphy Canyon inked the deal with Conduit in November 2022. 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.
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