Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 156

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 156
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 Aadi’s board of directors discussed Aadi’s

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anticipated capital needs if the transactions contemplated by the License Agreement were consummated, the potential size of the PIPE Financing, the investment thesis for the PIPE Financing, and
related risks. Following discussion, Aadi’s board of directors determined that directors Drs. Aghazadeh, Castelein and Dalal would recuse themselves during further conversations of Aadi’s board of directors regarding the PIPE Financing, as
it was contemplated that funds affiliated with such directors might participate in the PIPE Financing.

On September 18, 2024, Aadi and WuXi
Biologics entered into an amendment to the Term Sheet to extend the mutual exclusivity period to October 31, 2024.

From September 23 to
September 25, 2024, representatives of Aadi, including Dr. Lennon and Bryan Ball, Aadi’s Chief Technical Operations Officer, conducted on-site due diligence visits at the offices of WuXi
Biologics in Shanghai, China, and the offices of Hangzhou DAC in Hangzhou, China.

On October 3, 2024, Aadi’s board of directors held a virtual
meeting with Aadi’s management and representatives of Wilson Sonsini at which Aadi’s management presented regarding the License Agreement and the ADC Programs and discussed, among other things, Aadi’s due diligence process and
findings to date (including from the recent visit to China), intellectual property due diligence, the status of a data room made available to directors to conduct their own due diligence of the ADC Programs, timing considerations for a potential
transaction, and potential new director and executive officer additions to support the development of the ADC Programs. Aadi’s board of directors deliberated regarding these matters and discussed, among other things, steps to ensure appropriate
oversight of Aadi’s board of directors of the due diligence process in respect of the ADC Programs. Aadi’s board of directors also deliberated regarding the PIPE Financing, including with respect to Aadi’s anticipated capital needs if
the transactions contemplated by the License Agreement were consummated, the size of the PIPE Financing, and potential investment banking support for the PIPE Financing. Aadi’s management team also provided a detailed analysis regarding various
dissolution scenarios prepared by Aadi, noting key assumptions, estimated valuation ranges for each scenario, and timing and process considerations related to a potential dissolution and liquidation of Aadi.

On October 9 and October 15, 202