Group 1 - Conduit Pharmaceuticals (NASDAQ:CDT) stock experienced an increase following a shareholder update revealing that Nirland Limited holds a 14.8% stake in the company [1][2] - Nirland Limited's stake consists of 12.5 million shares and warrants for an additional 2 million shares, based on the company's outstanding shares of 98,004,699 [2] - The stake was acquired through a Senior Secured Promissory Note as part of Conduit Pharmaceuticals' merger agreement with Murphy Canyon Acquisition Corp [2] Group 2 - Following the news, CDT stock saw heavy trading with over 72 million shares changing hands, significantly higher than the daily average of about 10 million shares [3] - As of Wednesday morning, CDT stock rose by 11.7%, although it remains down 96.7% since the beginning of the year [3]
Why Is Conduit Pharmaceuticals (CDT) Stock Up 12% Today?