Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 12

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 12
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 action appropriate and strongly desire the input of Aadi stockholders, given the financial significance of the FYARRO Business. - 6 -

What is the purchase price of the Divestiture?

The purchase price for the Divestiture is $100 million payable at the closing of the Divestiture, subject to customary adjustments for Aadi Sub’s
levels of cash, indebtedness, net working capital and transaction expenses as of the closing. See the section entitled “The Divestiture Agreement—Purchase Price Adjustments” beginning on page 74 of this proxy statement.

Why is our board of directors recommending the Divestiture?

Aadi’s board of directors believes that the Divestiture and the Divestiture Agreement are fair to, advisable and in the best interests of, Aadi and its
stockholders. Aadi’s board of directors unanimously recommends that you vote “FOR” the approval of the Divestiture Proposal. To review the Aadi board of directors’ reasons for recommending the Divestiture, see the section
entitled “The Divestiture—Reasons for the Divestiture and Recommendation of the Aadi Board of Directors” beginning on page 60 of this proxy statement.

How does Aadi intend to use the proceeds of the Divestiture?

If the Divestiture Proposal and the PIPE Financing proposal are both approved by Aadi’s stockholders at the Special Meeting, then Aadi expects to use the
collective proceeds from such transactions, together with its existing liquidity, to develop the ADC Programs licensed pursuant to the License Agreement, as well as for general corporate and working capital purposes. If the Divestiture Proposal
passes and the PIPE Financing Proposal fails, then Aadi’s board of directors will need to assess whether to pay the balance ($38 million) of the upfront license fee due to WuXi Biologics under the License Agreement by the applicable deadline
using its then-available liquidity, or otherwise allow the License Agreement to terminate in accordance with its terms. In the event that the License Agreement terminates under such circumstances, then Aadi’s board of directors will be
obligated to assess Aadi’s strategic options at that time, which may include, among other things, a dissolution of Aadi.

Will Aadi cease to exist if the Divestiture is completed?

No. Following the completion of the Divestiture, we will continue to exist and be a publicly traded company, but will
no longer own or operate the FYARRO Business or own the rights to the Aadi