Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 153

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 153
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 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 regarding the same; and the anticipated pricing of the PIPE Financing relative to the estimated per share liquidation value. Following discussion, Aadi’s board of directors approved moving forward with the PIPE
Financing and the engagement of Jefferies to serve as Aadi’s financial advisor for the PIPE Financing on the terms presented.

On that same day,
representatives of Aadi delivered a revised draft of the License Agreement to representatives of WuXi Biologics. Among other things, the revised draft proposed that $3.0 million of the $42.0 million upfront license fee payment be paid a
number of days to be determined after execution of the License Agreement, and that the remaining $39.0 million of the upfront license fee payment be due no later than a number of days to be determined after Aadi obtains the required stockholder
approval for the PIPE Financing. The revised draft also provided that the licenses under the License Agreement would generally only become effective upon payment of the full upfront license fee payment and that either party could terminate the
License Agreement after 180 days if Aadi did not receive the required stockholder vote for the PIPE Financing.

On November 14, 2024, representatives
of WuXi Biologics communicated to representatives of Aadi that the proposed timing adjustments for the upfront license fee payment and effectiveness of the License Agreement

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were not acceptable and reiterated its preference to receive the full upfront license fee payment upon signing the License Agreement.

On November 18, 2024, Aadi entered into a second amendment to the mutual confidentiality agreement with WuXi Biologics and Hangzhou DAC which expanded
the range of persons allowed to see confidential information to include bona fide candidates for senior management at Aadi.

On November 19, 2024,
A