Murphy Canyon Acquisition, a blank check company formed by Presidio Property Trust targeting the real estate industry, filed to withdraw its plans for an initial public offering on Wednesday but later clarified that the withdrawal had been made in error. It filed earlier this month to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Jack Heilbron, co-founder and CEO of REIT and 2020 IPO Presidio Property Trust (SQFT; -29% from offer price). The company plans to target 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 (Proptech).
The San Diego, CA-based company was founded in 2021 and plans to list on the Nasdaq under the symbol MURFU. A.G.P. is set to be the sole bookrunner on the deal.
