Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1872

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 1872
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 of the merger, and (iii) extension of the outside date for the closing of the merger from  May 31, 2023 to  February 7, 2024. The investments held in Trust for the SPAC Class A common stockholders generated approximately $1.2 million of income during the nine months ended  September 30, 2023, and was included in interest and other income (expense), net on our consolidated statement of operations.  As of  September 22, 2023, the Trust account balance had been deconsolidated along with the other Conduit assets and liabilities.

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   As of immediately prior to the consummation of the SPAC's business combination, which occurred on  September 22, 2023, the Company, through its subsidiary, had loaned the SPAC $1.0 million to fund its trust account and for operating expenses. The loan was non-interest bearing, unsecured and was repaid in full upon the SPAC's business combination on  September 22, 2023. The notes payable and notes receivable related to the SPAC were eliminated through consolidation on our financial statements.
    
   On  September 22, 2023, the SPAC completed its business combination with Conduit Pharma and changed its name to Conduit Pharmaceuticals Inc. ("Conduit"). Immediately prior to the business combination, the Company owned approximately 65% of the SPAC's outstanding common stock. Upon consummation of the business combination, the SPAC's shares of Class B common stock were converted into shares of its Class A common stock and the shares of Class A common stock were then reclassified as a single class of Conduit common stock. As a result of the business combination, the Company was issued (i) 3,306,250 shares of Conduit's common stock due to the conversion of the shares of the SPAC's Class B common stock into shares of the SPAC's Class A common stock and then reclassification into shares of Conduit common stock, (ii) 754,000 shares of Conduit common stock, which prior to the business combination were shares of the SPAC's Class A common stock and (iii) private warrants to purchase 754,000 shares of Conduit common stock, which prior to the business combination were warrants to purchase 754,000 shares of the SPAC's Class A common stock. Also in the business combination, shareholders and debtholders of Conduit