Shares of Conduit Pharmaceuticals (NASDAQ:CDT) are on the rise today following a shareholder update regarding a key investor in the company.
New filings with the Securities and Exchange Commission (SEC) show that Nirland Limited holds a 14.8% stake in CDT stock. This stake includes 12.5 million shares of CDT and warrants for an additional 2 million shares.
Nirland Limited’s stake is based on Conduit Pharmaceuticals’ outstanding shares of 98,004,699 at the time of the filing. The investment came through a Senior Secured Promissory Note issued as part of the company’s merger agreement with Murphy Canyon Acquisition Corp.
CDT Stock Movement Today
Following this news, CDT stock is experiencing heavy trading with over 72 million shares changing hands, significantly higher than its daily average volume of 10 million shares. The stock is up 11.7% today but remains down 96.7% year-to-date.
Stay tuned for more stock market updates on Wednesday, including movements in Intuitive Machines (NASDAQ:LUNR), Nuburu (NYSEMKT:BURU), and Clover Health (NASDAQ:CLOV) stock.
Analysis:
Conduit Pharmaceuticals’ stock is seeing a significant boost today after the revelation of Nirland Limited’s substantial investment in the company. This indicates confidence from a major shareholder and could potentially attract more investors to CDT stock. The increased trading volume suggests heightened interest in the stock, but investors should exercise caution given the stock’s significant decline since the beginning of the year. It’s essential for investors to stay informed about the latest developments in the stock market to make informed decisions about their finances.