![](https://wordpress-1016567-4521551.cloudwaysapps.com/wp-content/uploads/2023/09/murphy-canyon-adds-20m-to-pipe-supporting-conduit-deal-spac-feed.jpg)
Murphy Canyon Acquisition today in an 8-K said it entered into a subscription agreement with Nirland Limited, which agreed to purchase $20 million of the SPAC’s units. The funding will be used to support the SPAC’s proposed merger with Conduit Pharmaceuticals.
Murphy Canyon in the filing also disclosed that it will terminate a $27 million pipe agreement with Prospect Science Ventures Limited.
A shareholder vote on the merger has been postponed twice since the start of September.
The $700.5 million deal was announced in November. Cash proceeds were expected to consist of up to approximately $136.04 million held in Murphy’s trust account at deal announcement. However, 11,037,272 shares were redeemed on an extension vote in January, erasing almost 64% of the trust.
San Diego-based Conduit expects to use the proceeds from the merger to accelerate development of its autoimmune disease and idiopathic male infertility pipeline. Read more.
Source: Murphy Canyon Adds M to PIPE Supporting Conduit Deal
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://spacfeed.com/murphy-canyon-adds-20m-to-pipe-supporting-conduit-deal
- :has
- $UP
- 11
- a
- accelerate
- Account
- acquisition
- Adds
- Agreement
- almost
- also
- an
- and
- announced
- Announcement
- approximately
- At
- autoimmune
- BE
- been
- Cash
- deal
- Development
- Disease
- entered
- Ether (ETH)
- expected
- expects
- extension
- Filing
- from
- funding
- Held
- However
- HTTPS
- in
- into
- IT
- ITS
- January
- jpg
- Limited
- Merger
- million
- more
- November
- of
- on
- pharmaceuticals
- pipe
- pipeline
- plato
- Plato Data Intelligence
- PlatoData
- Posts
- proceeds
- proposed
- prospect
- purchase
- Read
- s
- Said
- Science
- SEC
- September
- shareholder
- since
- SPAC
- start
- subscription
- support
- Supporting
- TAG
- that
- The
- to
- today
- Trust
- Twice
- units
- use
- used
- Ventures
- Vote
- was
- were
- which
- will
- with
- zephyrnet