Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 170

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 170
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 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 
 the potential long-term value proposition of the ADC Programs is not ultimately realized;                    |

| • |     | anticipated dilution to Aadi’s current stockholders as a result of the PIPE Financing; |

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| • |     | the potential interests of Aadi’s officers and directors in the PIPE Financing and the License Agreement 
 that may be different from, or in addition to, the interests of stockholders generally; and              |

| • |     | the risk of negative stockholder reaction and/or litigation in connection with the PIPE Financing. |

The foregoing discussion of the factors considered by Aadi’s board of directors is not intended to be exhaustive, but does set forth the material factors considered by Aadi’s board of directors