Vela Technologies PLC Update re. Economic Interest in AZD1656 (6410L)
September 07 2023 - 1:00AM
UK Regulatory
TIDMVELA
RNS Number : 6410L
Vela Technologies PLC
07 September 2023
7 September 2023
Vela Technologies plc
("Vela" or "the Company")
Update on Put Option for potential sale of Economic Interest in
AZD1656
Further to the Company's announcement on 15 August 2023, the
Board of Vela (AIM: VELA), an AIM-quoted investing company focused
on early-stage and pre-IPO disruptive technology investments, notes
that Murphy Canyon Acquisition Corp. (NASDAQ: MURF) ("Murphy") has
recently announced that the special meeting of stockholders to
approve, amongst other things, its initial business combination
with Conduit Pharmaceuticals Limited has been postponed and will
now be held on 13 September 2023.
This meeting presents an opportunity for Murphy shareholders to
provide their approval for the transaction.
A link to the previously filed notice of special meeting and
final prospectus can be found here:
https://www.sec.gov/Archives/edgar/data/1896212/000149315223027856/form424b3.htm
On 20 April 2023, Vela announced that the Company entered into a
put option agreement to give the Company the right, but not the
obligation ("the Option"), to sell its economic interest in the
commercialisation of the Covid-19 application of AZD1656 for a
total consideration of GBP4.0 million. The Option was granted by
Conduit Pharmaceuticals Limited ("Conduit") and its prospective
parent company, Murphy, a Company listed on NASDAQ.
On 15 May 2023, Vela announced that Murphy had filed the Form
S-4 Registration Statement and preliminary proxy statement with the
SEC.
As previously announced, the Board of Vela is mindful that there
can be no guarantee that Vela will be able to exercise the Option,
since exercise is dependent on the successful completion of the
merger between Conduit and Murphy and the combined entity being
listed on the NASDAQ stock exchange.
The Company will release further announcements as and when
appropriate.
For further information, please contact:
Vela Technologies plc Tel: +44 (0) 7410 886830
Brent Fitzpatrick, Non-Executive Chairman
James Normand, Executive Director
Allenby Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3328
5656
Nick Athanas / Piers Shimwell
Peterhouse Capital Limited (Broker) Tel: +44 (0) 20 7469
0930
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR Adviser) Tel: +44 (0) 20 7448
9839
Alan Green / Jacqueline Briscoe
About Vela Technologies
Vela Technologies plc (AIM: VELA) is an investing company
focused on early stage and pre-IPO long term disruptive technology
investments. Vela's investee companies have either developed ways
of utilising technology or are developing technology with a view to
disrupting the businesses or sector in which they operate. Vela
Technologies will also invest in already-listed companies where
valuations offer additional opportunities.
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