TIDMVELA
RNS Number : 2155N
Vela Technologies PLC
21 September 2023
21 September 2023
Vela Technologies plc
("Vela" or "the Company")
Update on Put Option for potential sale of Economic Interest in
AZD1656
Further to the Company's announcements on 15 August 2023, 7
September 2023 and 8 September 2023, the Board of Vela (AIM: VELA),
an AIM-quoted investing company focused on early-stage and pre-IPO
disruptive technology investments, notes the announcement made by
Murphy Canyon Acquisition Corp. (NASDAQ: MURF) ("Murphy") that at
the special meeting of stockholders held yesterday, its initial
business combination with Conduit Pharmaceuticals Limited
("Conduit") has been approved.
An extract of the Murphy announcement is set out below and a
link to the announcement can be found here:
https://www.accesswire.com/786091/murphy-canyon-acquisition-corp-announces-stockholder-approval-of-the-proposed-combination-with-conduit-pharmaceuticals-limited
On 20 April 2023, Vela announced that the Company entered into a
put option agreement to give the Company the right, but not the
obligation ("the Option"), to sell its economic interest in the
commercialisation of the Covid-19 application of AZD1656 for a
total consideration of GBP4.0 million. The Option was granted by
Conduit and its prospective parent company, Murphy, a Company
listed on NASDAQ.
On 15 May 2023, Vela announced that Murphy had filed the Form
S-4 Registration Statement and preliminary proxy statement with the
SEC.
Following the approval of the business combination of Conduit
and Murphy by Murphy shareholders, the Board of Vela intends to
exercise the Option following the satisfaction or waiver of the
remaining closing conditions as stated in the Murphy
announcement.
The Company will release further announcements as and when
appropriate.
Extract from Murphy announcement
SAN DIEGO, CA / ACCESSWIRE / September 20, 2023 / Murphy Canyon
Acquisition Corp. (Nasdaq:MURF) ("MURF" or "Murphy Canyon"), a
special purpose acquisition company, announced today that at a
special meeting of the MURF stockholders (the "Special Meeting")
held today, MURF's stockholders voted in favor of the proposed
business combination (the "Business Combination") with Conduit
Pharmaceuticals Limited ("Conduit") and the related proposals. As a
result, the completion of the Business Combination is expected to
occur as soon as practicable, subject to the satisfaction or waiver
of remaining closing conditions. Following the completion of the
Business Combination, the newly combined company will operate as
Conduit Pharmaceuticals Inc. and its common stock and public
warrants will trade on The Nasdaq Global Market under the symbols
"CDT" and "CDTTW". Assuming that closing is completed on September
21, 2023, trading in the common stock and public warrants is
expected to continue on Nasdaq, switching from the symbols "MURF"
and "MURFW" to the new symbols "CDT" and "CDTTW", respectively, at
the open of trading on September 22, 2023.
About Conduit
Conduit is a disease agnostic life science company providing an
efficient model for compound development. Formed in 2019, Conduit
is a departure from the traditional big pharma/biotech business
model whereby, typically companies shepherd their assets through
regulatory approval, Conduit acquires assets that are Phase
II-ready and then seeks an exit through third-party license deals
following successful clinical trials. Conduit is led by a highly
experienced team of pharmaceutical executives, including Dr. David
Tapolczay and Dr. Freda Lewis-Hall, and was established to fund the
development of clinical molecules licensed from major
pharmaceutical companies.
About Murphy Canyon Acquisition Corp.
Murphy Canyon is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses. Management is led by Jack Heilbron, Chief
Executive Officer and Chairman of the Board of Directors. Murphy
Canyon is sponsored by Murphy Canyon Acquisition Sponsor, LLC, a
wholly owned subsidiary of Presidio Property Trust, Inc. (Nasdaq:
SQFT), which is expected to own 4,015,250 shares of Conduit after
the successful completion of the Business Combination.
Important Information and Where to Find It
This press release relates to a proposed transaction between
Conduit and MURF. In connection with the proposed Business
Combination, Murphy Canyon filed its registration statement on Form
S-4 that includes a proxy statement with respect to the stockholder
meeting of Murphy Canyon and a prospectus with respect to
securities of the combined company (the "Registration Statement").
The proxy statement/prospectus was sent to all Murphy Canyon
stockholders. Murphy Canyon has also filed prospectus supplements
amending the proxy statement/prospectus that was sent to all Murphy
Canyon stockholders. Murphy Canyon has filed and will file other
documents regarding the proposed Business Combination with the U.S.
Securities and Exchange Commission (the "SEC"). INVESTORS AND
SECURITIES HOLDERS OF MURPHY CANYON ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS, PROSPECTUS SUPPLEMENT AND ALL OTHER RELEVANT
DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION
WITH THE PROPOSED BUSINESS COMBINATION AS THEY BECOME AVAILABLE
SINCE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS
COMBINATION.
Investors and securities holders are able to obtain free copies
of the Registration Statement, proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
by Murphy Canyon through the website maintained by the SEC at
https://sec.gov/ . In addition, the documents filed by Murphy
Canyon may be obtained free of charge from Murphy Canyon's website
at https://murphycanyonac.com or by written request to
info@murphycanyonac.com . Additional information about the business
combination agreement dated November 8, 2022, as amended (the
"Business Combination Agreement"), and the transactions
contemplated thereby (the "Transaction") and investor
presentations, were provided in Current Reports on Form 8-K filed
by Murphy Canyon with the SEC which can be accessed at www.sec.gov
as well as online at https://murphycanyonac.com .
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7410 886830
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448
9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company
focused on early stage and pre-IPO long term disruptive technology
investments. Vela's investee companies have either developed ways
of utilising technology or are developing technology with a view to
disrupting the businesses or sector in which they operate. Vela
Technologies will also invest in already-listed companies where
valuations offer additional opportunities.
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END
UPDGRGDCRUDDGXB
(END) Dow Jones Newswires
September 21, 2023 04:01 ET (08:01 GMT)
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