Murphy Canyon Acquisition Corp. announced that it has entered into subscription agreement for a private placement of 2,700,000 units at a price of $10 per share for gross proceeds not less than $27,000,000 on November 8, 2022. Each unit will consist of one common share and one warrant to purchase one share of class A common stock, for a purchase price of $10.00 per unit.

The transaction will include participation from new investor Nirland Limited. The warrant will be exercisable for a period of five years after the completion of the merger and will have an exercise price of $11.50 per share, subject to adjustment. All the securities issued in the transaction will subject to lock-up period.

All the securities issued in the transaction will subject to exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder. The transaction is expected to close in the first quarter of 2023. The transaction is subject to approval of the shareholders of the company.