Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 441

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 441
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 PIPE Financing, net of transaction costs, and other payments for existing liabilities
    and prepayments, totaled $8.5 million.

    ●
    The
    Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, MURF was treated
    as the acquired company for financial reporting purposes (see Note 1 for further details). Accordingly, for accounting purposes,
    the Merger was treated as the equivalent of the Company issuing shares for the net assets of MURF, accompanied by a recapitalization.
    The net assets of MURF were stated at historical cost with no goodwill or other intangible assets recorded.

The
following table presents the total Common Stock outstanding immediately after the closing of the Merger:

 Schedule
of Common Stock Outstanding

    Number of Shares 
  
    Exchange of MURF common stock subject to possible redemption for Conduit Pharmaceuticals Inc. common stock 
     580 
  
    Exchange of MURF Class A common stock held by MURF Directors for Conduit Pharmaceuticals Inc. common stock 
     450 
  
    Exchange of MURF Class A common stock held by MURF Sponsor for Conduit Pharmaceuticals Inc. common stock 
     40,152 
  
    Subtotal - Merger, net of redemptions 
     41,182 
  
    Issuance of Conduit Pharmaceuticals Inc. common stock in connection with PIPE Financing 
     20,000 
  
    Exchange of Conduit Pharmaceuticals Limited ordinary shares for Conduit Pharmaceuticals Inc. common stock on the Closing Date 
     646,264 
  
    Issuance of Conduit Pharmaceuticals Inc. common stock to holders of Conduit Pharmaceuticals Limited convertible notes on the Closing Date 
     3,735 
  
    Issuance of Conduit Pharmaceuticals Inc. common stock to an advisor for services directly related to the Merger 
     13,000 
  
    Total - Conduit Pharmaceuticals Inc. common stock outstanding as a result of the Merger, PIPE Financing, exchange of Conduit Pharmaceuticals Limited shares for shares of Conduit Pharmaceuticals Inc., issuance of Conduit Pharmaceuticals Inc. common stock to holders of Conduit Pharmaceuticals Limited convertible notes, and advisors. 
     724,181 

    F-15

3.
Fair Value

During
the period ended December 31, 2024, there were no transfers between Level 1 and Level 2, nor into or out of Level