Real estate focused Murphy Canyon Acquisition raises $115M in IPO, debuts today

  • SPAC Murphy Canyon Acquisition (MURFU) has raised $115M through pricing initial public offering of 11.5M units at $10.00 per unit.
  • Each unit consisting of one share of common stock and one redeemable warrant at $11.50 per share.
  • IPO was downsized from $150M to $115M.
  • Underwriters' over-allotment is an additional 1.725M units.
  • Trading commences today on Nasdaq.
  • Offering is expected to close on February 7.
  • The company is led by CEO and Chairman Jack Heilbron, co-founder and CEO of REIT and 2020 IPO Presidio Property Trust (NASDAQ:SQFT).
  • The company intends to focus on companies in the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space with an aggregate combined enterprise value of approximately $300 million to $1.2B.
  • SPAC is sponsored by Murphy Canyon Acquisition Sponsor, LLC, a wholly owned subsidiary of Presidio Property Trust, Inc.

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