Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 187

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 187
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%
  
    Estimated volatility 
     78.3%
  
    Time period to expiration 
     3 Years 

As
partial consideration for the Advance issued to the Company by A.G.P. on October 29, 2024, the Company issued A.G.P. Warrants (the “A.G.P.
2024 Warrants”) to purchase up to 28,625 shares of the Company’s Common Stock at an exercise price of $0.1048 per
share. The Company determined that the A.G.P. 2024 Warrants should be classified as a liability and estimated the fair value of the warrants
as of October 29, 2024, and December 31, 2024, using a Black-Scholes option-pricing model. Refer to Note 3 above for additional information.

Equity
Classified Warrants

Pursuant
to MURF’s initial public offering, the Company sold 132,250 units at a price of $10.00 per unit. Each unit consisted of one share
of MURF Class A common stock and one redeemable Publicly Traded Warrant. Each whole Publicly Traded Warrant entitled the holder to purchase
one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The warrants are publicly traded on The Nasdaq
Capital Market under the trading symbol CDTTW.

Simultaneously
with the closing of its initial public offering, MURF consummated the private sale to the Sponsor of 7,540 private placement units at
a price of $10.00 per private placement unit. Each private placement unit was comprised of one share of MURF Class A common stock and
one Private Placement Warrant. Each Private Placement Warrant was exercisable to purchase one share of MURF Class A common stock at a
price of $11.50 per share, subject to adjustment. The private placement units (including the Class A common stock issuable upon exercise
of the warrants included in the private placement units) were not transferable, assignable, or saleable until 30 days after the completion
of a Merger, subject to certain exceptions.

In
connection with the closing of the Merger on September 22, 2023, the Equity Classified Warrants were amended to entitle each holder to
purchase one share of the Company’s Common Stock.

The
Equity Classified Warrants became exercisable 30 days after