Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 144

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 144
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ively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the
impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures.

2.
Merger and Financing

As
discussed in Note 1 – Nature of the Business, Basis of Presentation and Summary of Significant Accounting Policies, on September
22, 2023, the Company and MURF completed the Merger. Upon the closing of the Merger, the following occurred:

    ●
    Each
    share of Old Conduit common stock issued and outstanding immediately prior to the closing of the Merger, which totaled 2,000 shares,
    was exchanged for the right to receive 323 shares of the Company’s Common Stock (“Common Stock”) resulting
    in the issuance of 646,264 shares of Conduit Pharmaceuticals, Inc. Common Stock.

    ●
    In
    addition to the shares issued to legacy Conduit shareholders noted above, an additional 3,735 shares of Common Stock was issued
    to Conduit convertible note holders, resulting in a total of 650,000 shares of Common Stock being issued to Conduit shareholders
    and holders of Conduit convertible notes payable.

    ●
    In
    connection with the Merger, 450 shares of MURF Class A common stock held by the MURF Sponsor was transferred to MURF Directors. Each
    share was exchanged on a one-for-one basis for shares of Common Stock.

    ●
    Each
    share of MURF Class A common stock held by the MURF Sponsor prior to the closing of the Merger, which totaled 7,090 shares, was exchanged
    for, on a one-for-one basis for shares of Common Stock.

    ●
    Each
    share of MURF common stock subject to possible redemption that was not redeemed prior to the closing of the Merger, which totaled
    580 shares, was exchanged for, on a one-for-one basis for shares of Common Stock.

    ●
    In
    connection with the Merger, 33,062 shares of MURF Class B common stock held by the Sponsor was automatically converted into shares
    of MURF Class A common stock and then subsequently converted into shares of Common Stock on a one-for-one basis.

    F-14

    ●
    In
    connection with the Merger, A.G.P./Alliance Global Partners (“A