Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 163

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 163
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 a diversified value proposition for 
 Aadi’s stockholders with potential future upside as enabled by the PIPE Financing;                                |

| • |     | the strength and expertise of Aadi’s existing management team to develop the ADC Programs following the                                                            
 signing of the License Agreement, and the qualifications of Aadi’s board of directors to oversee that development and the successful execution of Aadi’s strategy; |

| • |     | the belief of Aadi’s board of directors that, as a result of the extent of negotiations with WuXi Biologics, 
 Aadi obtained the most favorable terms in the License Agreement that WuXi Biologics was willing to accept;   |

| • |     | the external validation of the investment thesis for the ADC Programs provided by (i) the concurrent PIPE                          
 Financing and (ii) the agreement by Dr. Baiteng Zhao to join Aadi’s board of directors and also participate in the PIPE Financing; |

| • |     | the belief of Aadi’s board of directors that the anticipated cash runway enabled by the sale of the FYARRO                       
 business and the closing of the PIPE Financing was expected to position Aadi to reach key stages in developing the ADC Programs; |

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| • |     | the process for determining the pricing for the PIPE Financing, including the engagement of Jefferies and the                 
 formation of a PIPE Pricing Committee comprised of disinterested directors to recommend pricing to Aadi’s board of directors; |

| • |     | the view of Aadi’s board of directors that Aadi was receiving the highest price reasonably available for the                                                                                                                                    
 PIPE Financing, based on the robust and competitive price discovery process led by Jefferies, which included 48 wall-crossed investors, 31 of whom met with Aadi’s management, and the negotiating leverage of the six unaffiliated third-party 
 investors ultimately participating in the PIPE Financing, all of whom were considered important to include in the syndicate;                                                                                                                    |

| • |     | the views of Aadi’s board of directors in consultation with its advisors, including Jefferies, that: |

| • |     | there was a low probability of being able to price the PIPE Financing much higher than the then-current market 
 price of Aadi’s stock, notwithstanding the recent improved bids for the proposed sale of the FYARRO business,  |

| • |     | there was insufficient interest from new investors or existing stockholders in the PIPE Financing at a valuation      
 above the pricing ultimately achieved in the