REG - Vela Technologies - Update re. Economic Interest in AZD1656

Vela TechnologiesAnnouncement

15/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230815:nRSO2903Ja&default-theme=true

RNS Number : 2903J  Vela Technologies PLC  15 August 2023

15 August 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 May 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 now received a notice of effectiveness from the
United States Securities and Exchange Commission ("SEC") which can be found
here:

https://www.sec.gov/Archives/edgar/data/1896212/999999999523002356/xslEFFECTX01/primary_doc.xml
(https://www.sec.gov/Archives/edgar/data/1896212/999999999523002356/xslEFFECTX01/primary_doc.xml)
.

 

As such, Murphy has formally notified its current shareholders that a special
meeting will be held on 7 September 2023. This meeting presents an opportunity
for Murphy shareholders to provide their approval for the transaction.

 

A link to the notice of special meeting and final prospectus can be found
here:
https://www.sec.gov/Archives/edgar/data/1896212/000149315223027856/form424b3.htm
(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 £4.0 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 on 20 April 2023 and 15 May 2023, 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDDGGDIDUBDGXS