Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 44

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 44
---
 Jefferies as our                                                  
 investment banking firm and the formation of a PIPE Pricing Committee comprised of disinterested directors to recommend pricing to Aadi’s board of directors; |

| • |     | the view of Aadi’s board of directors that Aadi was receiving the highest price reasonably available for the                                                                                                                                    
 PIPE Financing, based on the robust and competitive price discovery process led by Jefferies, which included 48 wall-crossed investors, 31 of whom met with Aadi’s management, and the negotiating leverage of the six unaffiliated third-party 
 investors ultimately participating in the PIPE Financing, all of whom were considered important to include in the syndicate;                                                                                                                    |

| • |     | the views of Aadi’s board of directors in consultation with its advisors, including Jefferies, that: |

| • |     | there was a low probability of being able to price the PIPE Financing much higher than the then-current market                       
 price of Aadi’s stock, notwithstanding the recent improved bids for the proposed sale of the FYARRO business shortly before pricing, |

- 29 -

| • |     | there was insufficient interest from new investors or existing stockholders in the PIPE Financing at a valuation      
 above the pricing ultimately achieved in the 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