Murphy Canyon Acquisition Corp. entered into private placement purchase agreement to issue 685,000 units at the price of $10 per unit for gross proceeds of $6,850,000 on February 2, 2022. The transaction will include participation from existing investor Murphy Canyon Acquisition Sponsor, LLC.

Each unit is comprised of one Class A share and one warrant. Each warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. The units can be increased to 754,000 if overallotment option in connection with public offering is exercised.

The private placement units may not be transferred, assigned, or sold until 30 days following the completion of initial business combination.