Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 853

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 853
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 received, disaggregated
by federal, state, and foreign jurisdictions. The standard is effective for fiscal years beginning after December 15, 2024, with early
adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

In
November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic
220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories
of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented
on the consolidated statements of operations and comprehensive income (loss). The guidance in this ASU is effective for fiscal years
beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU
or (2) retrospectively 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 MUR