Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 280

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 280
---
. At this time, we do not expect that we will commercialize any clinical assets or seek marketing approval
from the FDA (or similar organizations) as we intend to enter into agreements with third parties following Phase II clinical trials
for each such clinical asset that would provide that such third party would pursue the further development, commercialization, and
marketing of such assets.

Merger
Agreement

On
September 22, 2023 (the “Closing Date”), a merger transaction between Conduit Pharmaceuticals Limited (“Old Conduit”),
Murphy Canyon Acquisition Corp (“MURF”) and Conduit Merger Sub, Inc., a Cayman Islands exempted company and a wholly owned
subsidiary of MURF (“Merger Sub”), was completed (the “Merger”, see Note 2) pursuant to the initial merger agreement
dated November 8, 2022 and subsequent amendments to the merger agreement dated January 27, 2023 and May 11, 2023 (together, the “Merger
Agreement”). Pursuant to the terms of the Merger Agreement, on the Closing Date, (i) Merger Sub merged with and into Old Conduit,
with Old Conduit surviving the merger as a wholly-owned subsidiary of MURF, and (ii) MURF changed its name from Murphy Canyon Acquisition
Corp. to Conduit Pharmaceuticals Inc. The common stock of the Company (the “Common Stock”) commenced trading on The Nasdaq
Global Market under the symbol “CDT” on September 25, 2023, and the Company’s warrants commenced trading on The Nasdaq
Capital Market under the symbol “CDTTW” on September 25, 2023. On March 7, 2025, the Company filed an application to list our Common Stock on The Nasdaq Capital Market as part
of our plan to regain compliance with all NASDAQ rules. See Note 20 for additional details.

The
Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”). Under the reverse recapitalization method, MURF was treated as the acquired company for financial
reporting purposes, and the accounting acquirer was assumed to have issued shares of stock for the net assets of MURF, with no goodwill
or other intangible assets recorded.

Basis
of Presentation

The
accompanying consolidated financial statements have been prepared by the Company