Corvus Capital Ltd., Manoira Corporation, and Andrew Regan filed Amendment No. 8 to their Schedule 13D regarding CDT Equity Inc. on November 6, 2026, disclosing a November 5, 2026 letter to the company's board proposing an acquisition of all outstanding shares not already beneficially owned by the reporting persons at $2.00 per share.

Key Highlights

  • Acquisition proposal: On November 5, 2026, Dr. Regan on behalf of Corvus delivered a letter to CDT Equity Inc.'s board of directors expressing intent to propose an acquisition of all outstanding shares not already beneficially owned by the reporting persons at a purchase price of $2.00 per share.
  • Regan's aggregate stake: Andrew Regan beneficially owns 2,064,698 shares, representing 22.1% of the class, as of October 26, 2026.
  • Corvus Capital position: Corvus Capital Ltd. reports shared voting and dispositive power over 1,565,080 shares, representing 16.8% of the class.
  • Manoira Corporation position: Manoira Corporation reports shared voting and dispositive power over 1,347,619 shares, representing 14.5% of the class.
  • Shares outstanding basis: All percentages are based on 9,322,805 shares of Common Stock outstanding as of October 23, 2026, as provided by the issuer.
  • Reverse splits noted: Share counts reflect both a 1-for-10 reverse stock split effected July 20, 2026, and a 1-for-25 reverse stock split effected September 28, 2026.
  • Board requests: Corvus requested that the board suspend its at-the-market offering program, form a committee of independent directors with its own legal counsel and financial adviser, and appoint at least one additional independent director.

Corvus Capital's Letter and Proposed Transaction Details for CDT Equity Inc.

According to the filing, the reporting persons - Corvus Capital Ltd., Manoira Corporation, and Andrew Regan - originally acquired shares of CDT Equity Inc. (formerly known as Conduit Pharmaceuticals Inc.) common stock, par value $0.0001 per share, for investment purposes. This Amendment No. 8 to the Schedule 13D, originally filed September 29, 2023, amends and restates Item 4 to disclose events arising from a November 5, 2026 letter to the issuer's board of directors.

The filing states that Dr. Regan, on behalf of Corvus, delivered the letter expressing concerns "with respect to the Issuer's current market valuation, capital raising activities and the value of its assets." In connection with these concerns, Corvus expressed its intent to propose an acquisition of all outstanding shares of common stock not already beneficially owned by the reporting persons at a purchase price of $2.00 per share. The filing explicitly states: "No definitive agreement has been entered into with respect to any such potential transaction, and the November 5, 2026 letter does not constitute an offer, tender offer, solicitation of an offer to buy or sell securities, or solicitation of proxies or consents."

The filing also notes that any potential transaction would be subject to, among other things, due diligence, negotiation and execution of definitive documentation, the recommendation of the issuer's independent directors, required stockholder and regulatory approvals, and compliance with applicable securities laws. The filing states: "There can be no assurance that any proposal or transaction will be made, agreed upon or consummated." The reporting persons are identified as organized in the Cayman Islands (Corvus Capital Ltd.), Delaware (Manoira Corporation), and the United Kingdom (Andrew Regan). The issuer's principal executive offices are listed at 4851 Tamiami Trail North, Suite 200, Naples, Florida, 34103.

What Was Disclosed

Three reporting persons filed Amendment No. 8 to a Schedule 13D regarding CDT Equity Inc., disclosing a November 5, 2026 letter proposing a $2.00 per share acquisition of shares not held by the group, along with current beneficial ownership figures reflecting two 2026 reverse stock splits.