Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 158

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 158
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Xi 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 of interest; and the investment bank that management proposed to engage for the PIPE Financing,
Jefferies LLC (“Jefferies”), including the rationale, qualifications and proposed fee arrangement for such engagement. Aadi’s management team also presented updated dissolution and liquidation analysis scenarios and key assumptions.
Aadi’s board of directors deliberated regarding the foregoing matters and also discussed, among other things, the potential impact of the divestiture of the FYARRO business on pricing the PIPE Financing; investor due diligence and data room
access; the process for pricing the PIPE Financing given director conflicts of interest, principally the proposed exclusion of any interested directors from price negotiations for the PIPE Financing or deliberations by Aadi’s board of directors
or any committee thereof