Murphy Canyon Acquisition, a blank check company formed by Presidio Property Trust targeting the real estate industry, lowered the proposed deal size for its upcoming IPO on Friday.
The San Diego, CA-based company now plans to raise $115 million by offering 11.5 million units at $10. The company had previously filed to offer 15 million units earlier this month at the same price. At the revised deal size, Murphy Canyon Acquisition will raise -23% less in proceeds than previously anticipated. Each unit now consists of one share of common stock and one whole warrant, exercisable at $11.50, up from three-fourths of a warrant in the prior filing.
The company is led by CEO and Chairman Jack Heilbron, co-founder and CEO of REIT and 2020 IPO Presidio Property Trust (SQFT). The SPAC 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).
Murphy Canyon Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MURFU. A.G.P. is the sole bookrunner on the deal.
