Presidio Property-backed SPAC Murphy Canyon downsizes IPO to $115M from $150M

Jan. 30, 2022 9:38 PM ETMurphy Canyon Acquisition Corp. (MURF), MURFUSQFTBy: Val Kennedy, SA News Editor10 Comments

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  • SPAC Murphy Canyon (MURF) (MURFU) has filed to raise up to $115 million through an initial public offering, down from its previously target of $150M.
  • The SPAC, which is headed by executives of Presidio Property Trust (NASDAQ:SQFT), said that it plans to offer 11.5 M units at $10 per unit. Each unit will consist of one share and one warrant to purchase one share at $11.50 per share.
  • Underwriters have been granted a 45-day option to purchase of up to 1.73M additional units to cover any overallotments.
  • On Jan. 6, Murphy Canyon filed to raise up to $150M by offering 15M units at $10 per unit. The SPAC was to focus on seeking a business combination in the real estate services sector, such as proptech. The SPAC withdrew the proposed offering on Jan. 25.
  • The SPAC’s chief executive officer and chairman is Jack Heilbron, the CEO and chairman of Presidio Property Trust, while its chief financial officer, Adam Sragovicz, currently serves as CFO for Presidio.
  • Murphy Canyon has applied to trade its units on the Nasdaq under the symbol “MURFU.”
  • Shares of Presidio jumped in early January following news that it was sponsoring a proptech SPAC.

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