Form 8-K - Current report
April 16 2024 - 5:27PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): April 11, 2024
Conduit
Pharmaceuticals Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41245 |
|
87-3272543 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
4995
Murphy Canyon Road, Suite 300
San
Diego, California |
|
92123 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (760) 471-8536
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value per share |
|
CDT |
|
The
Nasdaq Stock Market LLC |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 |
|
CDTTW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
April 11, 2024, Conduit Pharmaceuticals Inc. (the “Company”) determined, in conjunction with discussions with its
advisors and Marcum LLP, the Company’s independent registered public accounting firm, that the Company’s previously
issued unaudited financial statements, and notes related thereto, for the Subject Periods (as defined below) should no longer
be relied upon due to the advised restatements described below pertaining to the accounting treatment of certain legal expenses previously
incurred.
In
connection with the audit of the Company’s financial
statements as of and for the year ended December 31, 2023, it was determined that changes
in the Company’s previously issued unaudited interim financial statements as of and for (i) the three months ended March 31, 2023,
(ii) the three and six months ended June 30, 2023, and (iii) the three and nine months ended September 30, 2023 (collectively, (i), (ii)
and (iii), the “Subject Periods”) are required to be made solely with respect to how certain legal expenses related
to its recently completed business combination and concurrent private placement financing were expensed and that as part of the Company’s
annual audit, it was determined that such expenses should have been capitalized. These adjustments reduced legal expenses in the first,
second and third quarters of 2023 by $493,000, $402,000, and $639,000, respectively. The accounting for such legal expenses was deemed
to be specific incremental costs directly attributable to the business combination and concurrent private placement financing and, therefore,
management has evaluated this error, which understated (overstated) net income (loss), understated prepaid expenses and overstated
additional paid in capital, and concluded it was material to the prior periods, individually and in the aggregate.
As
a result, following discussions with its advisors and Marcum LLP, the Company plans to address the restatement and adjustment of its
unaudited financial statements, and notes related thereto for the Subject Periods, in, and as a
part of, the financial statement footnotes in its upcoming filing of its annual report on Form 10-K.
The
Company’s management and members of the Audit Committee of the Board of Directors have discussed the matters disclosed in this
Current Report on Form 8-K pursuant to this Item 4.02 with Marcum LLP, the Company’s independent registered public accounting firm.
The
Company has provided a copy of this Form 8-K to Marcum LLP and requested a letter addressed to the Securities and Exchange Commission
as to whether Marcum LLP agrees with the statements made herein. Attached hereto as Exhibit 7.1
is such letter from Marcum LLP.
Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
April 16, 2024 |
CONDUIT
PHARMACEUTICALS INC. |
|
|
|
|
By: |
/s/
Adam Sragovicz |
|
Name: |
Adam
Sragovicz |
|
Title: |
Chief
Financial Officer |
Exhibit
7.1
U.S.
Securities and Exchange Commission
100
F Street NE
Washington,
DC 20549
We
have read Item 4.02 of Form 8-K dated April 11, 2024 of Conduit Pharmaceuticals Inc. and agree with the statements concerning our firm
therein. We have no basis to agree or disagree with other statements of Conduit Pharmaceuticals Inc. contained therein.
Sincerely,
/s/
Marcum LLP
Marcum
LLP
v3.24.1.u1
Cover
|
Apr. 11, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Apr. 11, 2024
|
Entity File Number |
001-41245
|
Entity Registrant Name |
Conduit
Pharmaceuticals Inc.
|
Entity Central Index Key |
0001896212
|
Entity Tax Identification Number |
87-3272543
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4995
Murphy Canyon Road
|
Entity Address, Address Line Two |
Suite 300
|
Entity Address, City or Town |
San
Diego
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
92123
|
City Area Code |
(760)
|
Local Phone Number |
471-8536
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
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|
Entity Emerging Growth Company |
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|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, $0.0001 par value per share |
|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
CDT
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 |
|
Title of 12(b) Security |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
|
Trading Symbol |
CDTTW
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Security Exchange Name |
NASDAQ
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