Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 841

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 841
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 the intellectual property for
our existing assets through cutting-edge solid-form technology with the expectation of commercializing these products with life
science companies. Our initial development plan is to conduct a Phase II clinical trial on AZD1656 in Lupus (including Lupus
Nephritis) and ANCA Vasculitis (AAV). We anticipate developing our Initial Pipeline (which has already undergone pre-clinical and
clinical trials) through the Phase II stage and then monetizing such clinical assets through a license, royalty, or other
transaction at this stage. 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