--- title: "Conduit Pharmaceuticals (now CDT Equity) repays Nirland note" url: "https://aibio.space/news/conduit-pharmaceuticals-now-cdt-equity-repays-nirland-note-nasdaq/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-02-19" section: "Listings" tickers: "NASDAQ:CDT" source: "https://www.sec.gov/Archives/edgar/data/1896212/000149315225007573/form8-k.htm" summary: "Nasdaq's staff found on February 12, 2025 that Conduit Pharmaceuticals had not met two market value requirements within the 180-day grace period. The next" --- By the aibio.space news desk. Sources - [CDT Equity Inc. Form 8-K filed February 19, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1896212/000149315225007573/form8-k.htm) - [CDT Equity Inc. Form 10-K filed April 16, 2024: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1896212/000149315224014889/form10-k.htm) [CDT](https://aibio.space/companies/cdt-equity/) 2025-02-19 # Conduit Pharmaceuticals (now CDT Equity) repays Nirland note as Nasdaq cites more delisting grounds Tickers [CDT](https://aibio.space/companies/cdt-equity/) Nasdaq's staff found on February 12, 2025 that Conduit Pharmaceuticals had not met two market value requirements within the 180-day grace period. The next day the company repaid the last $926,149 of a senior secured note to Nirland Limited, which it says was meant to help with the Nasdaq deficiencies. ## Key facts - **Company**: CDT Equity Inc. (NASDAQ: CDT) - **News type**: Listings - **Primary source**: [CDT Equity Inc. Form 8-K filed February 19, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1896212/000149315225007573/form8-k.htm) *The Capitol dome and spring blossom. Photo: Angie Drake, CC0, via Wordpress. The picture shows the field, not the companies named.* Conduit Pharmaceuticals Inc. (Nasdaq: [CDT](https://aibio.space/companies/cdt-equity/)) filed a [Form 8-K](https://www.sec.gov/Archives/edgar/data/1896212/000149315225007573/form8-k.htm) on February 19, 2025, signed by Chief Executive Officer David Tapolczay. The filing reports two things. Nasdaq has added grounds for delisting the company's stock, and the company paid off a senior secured note held by Nirland Limited. ## The Nasdaq grounds The company had two earlier notices. On August 15, 2024 it disclosed that Nasdaq had raised concerns about the market value of publicly held shares and the market value of listed securities. On December 12, 2024 it disclosed a delisting notice. On February 11, 2025 the company presented its plan of compliance to the Nasdaq Hearings Panel and asked for more time. The initial 180-day grace period for the two market value requirements expired on February 11, 2025. On February 12, Nasdaq's staff determined that the company had not regained compliance. Under Nasdaq Listing Rule 5810(d)(2), the company says, those two deficiencies now serve as additional grounds for delisting from the Nasdaq Global Market. The company says it expected that outcome. It is waiting for the Hearing Panel's decision and plans to report any further hearing updates to Nasdaq by February 19, 2025. The filing also says there can be no assurance the panel will allow the plan to proceed, or that the company will regain compliance and stay listed. ## The Nirland note On February 13, 2025, the company paid the remaining principal of its Senior Note to Nirland Limited, $926,149. The filing says this satisfied all of its obligations under the note and the related security agreement. The company says all of its assets are again free of liens and security interests. The note was a Senior Secured Promissory Note that the company entered into with Nirland on August 6, 2024. The documents were amended in October and November 2024. The original principal was $2,650,000, including a $500,000 original issuance discount. The filing says the payment was made "in an effort to reduce its outstanding debt to satisfy compliance with certain Nasdaq deficiencies." The Nasdaq deficiencies it cites are tests of market value, not of debt. The 8-K does not explain how the payment bears on either test. The filing also does not say where the $926,149 came from or what cash the company has left. ## The company behind the filing The company's [annual report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1896212/000149315224014889/form10-k.htm), covers the years 2023 and 2022. It says a merger of Conduit Pharmaceuticals Limited, called Old Conduit, with Murphy Canyon Acquisition Corp was completed on September 22, 2023. Murphy Canyon then changed its name to Conduit Pharmaceuticals Inc. Its common stock began trading on the Nasdaq Global Market under CDT on September 25, 2023, and its warrants began trading under CDTTW the same day. The company describes a model of bringing clinical assets from pharmaceutical companies and developing new treatments. Its own portfolio includes a patent-pending solid-form compound, AZD1656 Cocrystal, which it says targets a range of autoimmune diseases. It operates a laboratory in Cambridge. The auditor's report in that 10-K includes a going-concern paragraph. It says the company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain operations, and that these conditions raise substantial doubt about its ability to continue as a going concern. The 8-K does not update that warning. ## Board and officers Dr. Freda Lewis-Hall, a former Chief Medical Officer of Pfizer Inc., chairs the board, according to the 10-K. Tapolczay signed the 8-K for the company as Chief Executive Officer. ## What the filing leaves out The 8-K does not give the company's cash, its share count, or the market value figures that Nasdaq used. It does not name a deadline for the Hearing Panel's decision. The filing leaves the listing problem unresolved and describes the note repayment only as a debt payment. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CDT CDT Equity Inc. 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Cite as: aibio.space, "Conduit Pharmaceuticals (now CDT Equity) repays Nirland note", 2025-02-19, https://aibio.space/news/conduit-pharmaceuticals-now-cdt-equity-repays-nirland-note-nasdaq/