Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 113

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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Partial
Conversion of A.G.P. Convertible Note 

On
April 11, 2025, and April 16, 2025, the holder of the A.G.P. convertible note converted $0.5 million and $0.8 million of principal and
interest into 430,000 and 1,065,395 shares of the Company’s common stock, respectively. As of April 16, 2025, the Company’s common stock price was trading below the Conversion Price Floor. For the
purpose of the April 16, 2025 conversion, the Company waived the Conversion Price Floor and allowed A.G.P. to convert at a price of $0.78/share
(the April 16, 2025 closing stock price). As of the date of this Quarterly Report
on Form 10-Q, approximately $4.2 million in principal and interest remain outstanding under the A.G.P. Convertible Note.

28

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial
statements and the related notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”)
as well as the Company’s audited financial statements and notes thereto included in its Annual Report on Form 10-K for the year
ended December 31, 2024 that was filed with the SEC on March 28, 2025. Certain information contained in the discussion and analysis set
forth below includes forward-looking statements that involve risks and uncertainties. The following
discussion contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. Our
actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those set forth under the section titled “Risk Factors” or in other parts of this Quarterly Report. Our historical
results are not necessarily indicative of the results that may be expected for any period in the future. All dollar amounts are expressed
in thousands of United States dollars (“$”), unless otherwise indicated.

Overview

On
September 22, 2023, a merger transaction (the “Business Combination”) 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 (“