Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 152

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 152
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2024, the exclusivity period
under the amended Term Sheet expired.

- 102 -

On October 31, 2024 and November 1, 2024, Aadi’s management team held additional due
diligence sessions with members of Aadi’s board of directors regarding the ADC Programs.

On November 5, 2024, representatives of Aadi shared with
representatives of WuXi Biologics a proposed second amendment to the Term Sheet which would extend the exclusivity period to November 30, 2024 (which proposed amendment was never executed).

On November 5 and November 6, 2024, representatives of Aadi conducted additional on-site due diligence
visits at the offices of WuXi Biologics in Shanghai, China, and the offices of Hangzhou DAC in Hangzhou, China.

On November 6, 2024, representatives
of Aadi discussed with representatives of WuXi Biologics the requirement under Nasdaq rules to obtain stockholder approval for the PIPE Financing, which would contribute to the funding of, among other things, the upfront license fee payment under
the License Agreement and the future development of the ADC Programs.

On November 12, 2024, Aadi’s board of directors held a virtual meeting
with Aadi’s management and representatives of Wilson Sonsini. Interested directors in the PIPE Financing (Drs. Aghazedah, Castelein and Dalal) recused themselves from the meeting due to their initial indications of interest in participating in
the PIPE Financing. At the meeting, Aadi’s management provided an update regarding the status of the License Agreement and discussed, among other things, the progress of negotiations and key issues, including the timing of the effectiveness of
the License Agreement and the upfront license fee payment due to the requirement to obtain stockholder approval of the PIPE Financing; the status of due diligence of the ADC Programs, including the completed onsite CMC diligence in China and ongoing
intellectual property due diligence; takeaways from two recent due diligence sessions for Aadi’s board of directors regarding the ADC Programs; and opportunities and risks related to the ADC Programs. Aadi’s management team also presented
to Aadi’s board of directors regarding the PIPE Financing, including Aadi’s anticipated capital needs if the License Agreement and related transactions are successfully consummated; the anticipated size range of the PIPE Financing; the
anticipated pricing of the PIPE Financing; the expected participation of certain director-affiliated funds in the PIPE Financing and related conflicts