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.
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...
Marti Technologies, Inc. (NYSE:MRT), which merged with Galata Acquisition Corp. in July, announced this afternoon that it has launched an exchange offer to purchase its Class A ordinary shares for $0.10 in cash. The company is also soliciting consents to amend the warrant agreement to redeem each warrant that is not tendered in connection with...
Global Partner Acquisition Corp. II (NASDAQ:GPAC) has entered into a definitive agreement to combine with lithium manufacturer Stardust Power for a pro forma implied enterprise value of $490 million. Greenwich, Connecticut-based Stardust Power is a development stage manufacturer of battery-grade lithium products designed to supply the EV industry and help secure America’s leadership in the energy transition....