Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 162

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 162
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 Financing, including the amount, timing, pricing and structure of the PIPE Financing;
(ii) supervise, retain, authorize, and direct Aadi’s management and legal counsel, Jefferies, and other representatives and agents to engage in discussions and negotiations in connection with the PIPE Financing; and (iii) take or
approve any and all other actions as the PIPE Pricing Committee deemed necessary or appropriate in connection with the PIPE Financing, provided that that the PIPE Pricing Committee did not have any power or authority to cause Aadi or any other
person to enter into any definitive agreement relating to the PIPE Financing or any other potential strategic or capital-raising transaction (which power and authority was exclusively retained by Aadi’s board of directors).

On December 11, 2024, the PIPE Pricing Committee held a virtual meeting with Aadi’s management and representatives of Wilson Sonsini. At the
meeting, Aadi’s management team provided an update regarding the status of the PIPE Financing and the investor syndicate to date (comprised of five non-insider investors who had indicated interest in participating in the PIPE Financing). The
PIPE Pricing Committee deliberated regarding the foregoing matters and also, among other things, regarding investor feedback to date regarding the ADC Programs, including from approximately 40 investors who declined to participate in the PIPE
Financing; the anticipated size of the PIPE Financing; the sufficiency of anticipated cash runway following the PIPE Financing to reach key stages in developing the ADC Programs; and the potential participation of additional investors in the PIPE
Financing. Aadi’s management also provided an update regarding the process for selling the FYARRO business, including the most recent bids to acquire the FYARRO business from the two lead bidders, noting that wall-crossed investors in the PIPE
Financing were shown an estimated value of $80 million for the potential sale of the FYARRO business. Aadi’s management also presented and discussed with the PIPE Pricing Committee: (i) an updated dissolution model (assuming an
estimated value of $80 million for the sale of the FYARRO business) and related key assumptions (including those related to the estimated winddown period and operating expenses during such period), noting estimated cash dissolution per share
values of $3.68 and $3.32, assuming initial distribution amounts of 75% and 50%, respectively, of Aadi’s cash following the sale of the FYARRO business; (ii) an analysis of the initial bid from Kaken Parent, which was an offer to acquire
all