Conduit Pharmaceuticals (NASDAQ:CDT) stock is up on Wednesday following a shareholder update concerning a major investor in the company.
New filings with the U.S. Securities and Exchange Commission (SEC) reveal that Nirland Limited holds a 14.8% stake in CDT stock. This comes from the 12.5 million shares of CDT that the company owns, as well as warrants for another 2 million shares.
Nirland Limited’s stake in Conduit Pharmaceuticals is based on the company’s outstanding shares of CDT stock. That was sitting at 98 million shares at the time of this writing.
Nirland’s stake in Conduit comes from a Senior Secured Promissory Note issued earlier this month. This was part of Conduit Pharmaceuticals’ merger agreement with Murphy Canyon Acquisition.
CDT Stock Movement on Wednesday
Following this news, shares of CDT stock are seeing heavy trading today. This has more than 72 million units changing hands as of this writing. That’s a massive increase compared to the company’s daily average trading volume of about 10 million shares.
CDT stock is up 11.7% as of Wednesday morning. Even so, the clinical-stage specialty biopharmaceutical company’s shares are still down 96.7% since the start of the year.
Investors will want to stick around for even more of the most recent stock market stories on Wednesday!
We have all of the hottest stock market news ready to go today! Among that is what has shares of Intuitive Machines (NASDAQ:LUNR), Nuburu (NYSEMKT:BURU) and Clover Health (NASDAQ:CLOV) stock on the move today. You can catch up on all of this at the links below!
More Stock Market News for Wednesday
- Trade of the Day: Explore the Final Frontier with Intuitive Machines (LUNR) Stock
- Why Is Nuburu (BURU) Stock Up 47% Today?
- CLOV Stock Alert: What to Know About Clover Health’s Big Insider Buy
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
