Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 164

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 164
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 negotiations, due in part to the preclinical nature of the ADC Programs, |

| • |     | it was uncertain whether the investor syndicate could be held together for any period of time following the                                                                                                                   
 announcement of the definitive agreement for the sale of the FYARRO business if the License Agreement and the PIPE Financing were not signed contemporaneously, particularly in light of the end-of-year/holiday time period, |

| • |     | the PIPE Financing would be jeopardized if the definitive agreement for the sale of the FYARRO business was first 
 announced and then there was a significant increase in Aadi’s stock price,                                        |

| • |     | the announcement of the definitive agreement for the sale of the FYARRO business might not significantly increase                            
 Aadi’s stock price, given precedent of similarly-situated companies that had traded at a substantial discount to cash post-announcement, and |

| • |     | any financing occurring after the completion of the sale of the FYARRO business and the execution of the License 
 Agreement would likely be at a substantial discount to market given the preclinical stage of the ADC Programs;   |

| • |     | the fact that the PIPE Financing is subject to the approval of Aadi’s stockholders, who may vote against 
 approval of the Subscription Agreement and to reject the PIPE Financing;                                 |

| • |     | the proposal for, and Aadi’s evaluation of, the Purchase Agreement entered into contemporaneously with the                  
 License Agreement and the Subscription Agreement, and the transactions contemplated thereby, including the Divestiture; and |

| • |     | the fiduciary duties of Aadi’s board of directors in light of the foregoing. |

In the course of its deliberations, Aadi’s board of directors also considered a variety of risks and other countervailing factors, including:

| • |     | the preclinical stage of the ADC Programs and the lack of near term catalysts; |

| • |     | the non-refundability of the first portion ($6.0 million) of the upfront 
 license fee payment to WuXi Biologics under the License Agreement;       |

| • |     | the pricing of the PIPE Financing at a discount to Aadi’s estimated dissolution value and the estimated 
 price per share in Kaken Parent’s initial offer to purchase all of the outstanding shares of Aadi;      |

| • |     | the fact that Aadi’s current stockholders could potentially receive more near-term value in a dissolution if