Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 159

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 159
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 any period of time following the announcement of the definitive agreement for the
sale of the FYARRO business if the License Agreement and the PIPE Financing were not contemporaneously signed; the potential that the announcement of the definitive agreement for the sale of the FYARRO business might not significantly increase
Aadi’s stock price; the potential of moving forward with the License Agreement in the absence of the PIPE Financing and related risks, particularly the lack of external validation from PIPE Financing investors of the investment thesis for the
ADC Programs; and the potential that any financing occurring after the completion of the sale of the FYARRO business and the execution of the License Agreement would likely be at a substantial discount to the then-current market price of the stock
anyway 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