Legal Proceedings.
−Removed: the quarter ended June 30, 2024, there were no material developments to the legal proceeding previously disclosed, and other than
−Removed: such proceeding, we are not currently party to or aware of being subject to any other material legal proceedings.
−Removed: However, we may
−Removed: from time to time become a party to various legal proceedings arising in the ordinary course of our business, which could have a
−Removed: material adverse effect on our business, financial condition, or results of operations.
−Removed: Regardless of outcome, litigation could
−Removed: impact our business due to defense and settlement costs, diversion of management resources and other factors.
+Added: than as set forth below, we are not currently party to or aware of being subject to any material legal proceedings.
+Added: However, we may from
+Added: time to time become a party to various legal proceedings arising in the ordinary course of our business, which could have a material
+Added: adverse effect on our business, financial condition, or results of operations.
+Added: Regardless of outcome, litigation could impact our business
+Added: due to defense and settlement costs, diversion of management resources and other factors.
+Added: August 2023, prior to the Merger, our now wholly-owned subsidiary, Conduit Pharmaceuticals Limited, received a letter from Strand claiming it was owed advisory fees pursuant to a previously executed letter.
+Added: Conduit rejected and disputes
+Added: the substance of the letter in full.
+Added: Following such rejection, on September 7, 2023, Strand filed a claim in the Business and Property
+Added: Courts of England and Wales claiming it is entitled to be paid the sum of $2 million and, as a result of the completion of the Merger,
+Added: to be issued 6.5 million shares of common stock.
+Added: We intend to vigorously defend against these claims.
+Added: Regardless of its outcome, the
+Added: litigation may impact our business due to, among other things, defense legal costs and the diversion of the attention of our management.
Risk Factors.
−Removed: As a smaller reporting company, we are not required to provide disclosure
−Removed: regarding material changes to our previously disclosed risk factors.
+Added: are no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31,
+Added: 2023, filed with the SEC on April 16, 2024.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.