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

Vela TechnologiesAnnouncement

07/09/2023 07:00

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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
(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, 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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