Murphy Canyon stock hits 52-week low at $0.98 amid steep decline

Murphy Canyon Acquisition Corp. (CDT) stock has plummeted to a 52-week low, touching down at $0.98, with a market capitalization now at just $4 million. According to InvestingPro data, the company’s overall financial health score is rated as WEAK, with concerning metrics across multiple dimensions. This significant drop reflects a staggering 1-year change, with the company’s stock value eroding by -99.69%. Investors have watched with concern as the stock descended from previous valuations, marking a challenging period for the firm. The sharp decrease to this new low point underscores the volatility and the substantial downward pressure the company has faced over the past year. The company’s current ratio of 0.12 and negative free cash flow yield of -2.91% signal serious liquidity challenges. InvestingPro subscribers can access 13 additional key insights about CDT’s financial position and market performance.

In other recent news, Conduit Pharmaceuticals has been actively addressing its compliance with Nasdaq listing requirements. The company has secured an extension from Nasdaq to regain compliance with specific listing rules by March 31, 2025. This extension follows Conduit’s previous efforts to meet the Market Value of Publicly Held Shares and Market Value of Listed Securities requirements. Additionally, Conduit Pharmaceuticals has implemented a 1-for-100 reverse stock split to comply with Nasdaq’s minimum bid price requirement, a move approved by stockholders during their annual meeting.

In a separate financial development, Conduit has fully repaid a $600,000 promissory note to Nirland Limited, effectively eliminating the debt associated with it. Furthermore, the company converted approximately $1.7 million of a senior secured promissory note into common stock, a strategic step aimed at strengthening its balance sheet. Stockholders have also approved the issuance of shares related to various financial instruments, including warrants and convertible promissory notes, as part of efforts to secure additional capital. These recent developments reflect Conduit Pharmaceuticals’ ongoing efforts to maintain its Nasdaq listing and manage its financial obligations effectively.

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