TIDMVELA

RNS Number : 9090L

Vela Technologies PLC

08 September 2023

8 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 announcements on 15 August 2023 and 7 September 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") announced yesterday that the special meeting of stockholders to approve, amongst other things, its initial business combination with Conduit Pharmaceuticals Limited has been postponed further and will now be held on 20 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

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 GBP4.0 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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September 08, 2023 10:18 ET (14:18 GMT)

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