MURF class A shares25 May 2023 20:02
MURF authorised to issue 100,000,000 Class A common shares
Less issued gives - Class A - 83,833,272 potentially to issue.
On completion of Conduit merger
A private placement transaction shall be conducted by the Company contemporaneously with the Business Combination (the “PIPE Financing”), pursuant to which the Company has entered into subscription agreements providing for aggregate investments in the Company’s securities of $27,000,000.
PIPE Financing - Class A common stock - 2,700,000 shares @ $10.
Add to the balance in the Trust Account which was approximately $24 million.
Gives $51,000,000 and complies with $50 million minimum MVLS requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A)
Looks like initial PIPE Financiers have taken $0.33 cent per share profit and now have cash available for next round before Conduit merger.
Conduit get - Class A common stock - 65,000,000 @ $10
So MURF have plenty headroom to issue Class A common stock - 67,500,000 shares.
Pursuant to the BCA, at the closing, the Company shall issue and deliver to the shareholders of Conduit an aggregate number of shares of the Company’s common stock with an aggregate value equal to $650,000,000, with each share valued at $10.00 per share. A private placement transaction shall be conducted by the Company contemporaneously with the Business Combination (the “PIPE Financing”), pursuant to which the Company has entered into subscription agreements providing for aggregate investments in the Company’s securities of $27,000,000.
Class A Common Stock — The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote for each share. As of March 31, 2023 and December 31, 2022, there were 754,000 and zero, respectively, shares of Class A common stock issued and outstanding (excluding the 2,187,728 shares and 13,225,000 shares subject to possible redemption as of March 31, 2023 and December 31, 2022, respectively). During the three months ended March 31, 2023, a total of 11,037,272, shares of Class A common stock were redeemed for $114,068,280 or approximately $10.33 per share.