Business
Presidio Property Trust Announces Closing of SPAC Offering
SAN DIEGO, CA / ACCESSWIRE / February 7, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) Presidio Property Trust, Inc. ("Presidio" or the "Company"), an
About this update from Presidio Property Trust, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / February 7, 2022 / (NASDAQ:SQFT)(NASDAQ:SQFTP)(NASDAQ:SQFTW) Presidio Property Trust, Inc. (\"Presidio\" or the \"Company\"), an internally managed, diversified real estate investment trust (\"REIT\"), today announced the successful completion of the initial public offering (\"IPO\") of Murphy Canyon Acquisition Corp. (\"Murphy Canyon\"), a Special Purpose Acquisition Company (SPAC) sponsored by Presidio through a wholly-owned subsidiary. Pursuant to the IPO, Murphy Canyon sold 13,225,000 units to the public at a price of $10 per unit, with each unit consisting of one share of Class A common stock, par value $0.0001 per share, of Murphy Canyon (\"common stock\") and one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share. Only whole warrants are exercisable. This includes the exercise in full by the underwriters of their over-allotment option to purchase up to an additional 1,725,000 units. The units are listed on the Nasdaq Global Market (\"Nasdaq\") and began trading under the ticker symbol \"MURFU\" on February 3, 2022. Once the securities comprising the units begin separate trading, the common stock and the warrants are expected to be traded on NASDAQ under the symbols \"MURF\" and \"MURFW,\" respectively.Murphy Canyon is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It intends to focus on companies in the real estate industry, including construction, homebuilding, real estate owners and operators, arrangers of financing, insurance, and other services for real estate, and adjacent businesses and technologies targeting the real estate space with an aggregate combined enterprise value of approximately $300 million to $1.2 billion.About Presidio Property TrustPresidio is an internally managed, diversified REIT with holdings in office, industrial, and retail properties, and model home properties which are triple-net leased to homebuilders. Presidio's model homes are leased to homebuilders located primarily in Texas and Florida and its office, industrial and retail properties are located primarily in Colorado, with properties also located in North Dakota, Tex...