Murphy Canyon Acquisition, a blank check company formed by Presidio Property Trust targeting the real estate industry, raised $115 million by offering 11.5 million units at $10. Each unit consists of one share of common stock and one whole 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; -26% from offer price). 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 plans to list on the Nasdaq under the symbol MURFU. A.G.P. acted as sole bookrunner on the deal.
