Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 165

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 165
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 given the preclinical stage of the ADC Programs. At the meeting, representatives of Wilson Sonsini also discussed with the PIPE Pricing Committee, among other things, the risks of pricing the PIPE Financing without first disclosing the
definitive agreement for the sale of the FYARRO business and the fiduciary duties of the PIPE Pricing Committee related to the PIPE Financing.

On
December 17, 2024, Aadi’s board of directors held a virtual meeting at which representatives of Aadi’s management, Leerink Partners and Wilson Sonsini were present. At the meeting, Aadi’s management team provided an update
regarding License Agreement negotiations, restated the investment thesis for the ADC Programs and related risks, and presented regarding the key terms of the License Agreement. Aadi’s board of directors discussed the foregoing matters with the
management team and also, among other things, the potential long-term value to stockholders of the License Agreement and the ADC Programs, as compared to the anticipated short-term value to stockholders of dissolving Aadi following the sale of the
FYARRO business; feedback from wall-crossed investors regarding the ADC Programs, including those that declined to participate in the PIPE Financing; risks related to the ADC Programs; and due diligence related to the ADC Programs. Aadi’s
management team also presented regarding, and discussed with Aadi’s board of directors: the status of the PIPE Financing, including an updated investor list (comprised of nine total institutional investors, of which six were unaffiliated with
Aadi’s directors and officers), noting that total demand for the PIPE Financing now

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exceeded $100.0 million if the pricing of the PIPE Financing was at or around the current market price; the potential for improvement in pricing based on the updated bid from Bidder B; the
importance of the PIPE Financing to validate the investment thesis for the ADC Programs; the collective view of the management team and advisors that the PIPE Financing would be jeopardized if the definitive agreement for the sale of the FYARRO
business was first announced; certain due diligence items highlighted by investors related to the ADC Programs; and the impact of the updated bid from Bidder B on management’s dissolution analysis.

On December 18, 2024, as part of negotiations for the PIPE Financing, Aadi agreed to the addition of a proposed covenant in the Subscription Agreement
that required each of Aadi’s directors and executive officers to enter into a lock-up agreement lasting through the close of trading on the