Conduit Pharmaceuticals Inc. (NASDAQ:CDT), a pharmaceutical preparations company, has announced the postponement of its 2024 Annual Meeting of Stockholders. Originally set for October 2, 2024, the meeting is now rescheduled for December 18, 2024, as confirmed in a recent SEC filing.
The San Diego-based company, previously known as Murphy Canyon Acquisition Corp., stated that the Board of Directors deemed the delay necessary in the best interest of the stockholders. The record date for determining stockholders eligible to vote at the Annual Meeting has been set for October 25, 2024.
This rescheduling is particularly notable as the company did not hold an annual meeting in 2023. In line with SEC rules and the company's bylaws, Conduit Pharmaceuticals has set a deadline of September 16, 2024, for the receipt of stockholder proposals or director nominations to be included in the proxy statement for the Annual Meeting.
In other recent news, Conduit Pharmaceuticals Inc. faces potential delisting from Nasdaq due to non-compliance with certain listing requirements. The pharmaceutical company has been given a 180-day grace period to meet the minimum market value requirements for publicly held shares and listed securities. To address this, Conduit Pharmaceuticals has formed committees to review share dispositions and investigate stockholder trading patterns.
In a significant development, Conduit Pharmaceuticals secured a financing agreement with Nirland Limited, securing $2.65 million through a Senior Secured Promissory Note. The agreement includes an issuance of 12.5 million shares of common stock to the purchaser, with an annual interest rate of 12%.
The company also achieved a milestone by securing a composition of matter patent from IP Australia for its HK-4 Glucokinase Activator, AZD1656, which provides up to 20 years of protection. Conduit Pharmaceuticals has also scheduled its 2024 Annual Meeting of Stockholders for October, with the record date set as August to determine eligible voting stockholders.
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