Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 294

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 294
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 aggregate purchase price of $20,000,000 (the “PIPE Financing”).
    Upon the closing of the PIPE Financing (which closed in connection with the closing of the Merger), the Company received $20.0 million
    in cash from the PIPE Financing, which was used to settle related party promissory notes issued by MURF to the MURF Sponsor and an
    affiliate of the MURF Sponsor as well as transaction costs.

    ●
    The
    proceeds received by the Company from the Merger and 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