Denali Capital Acquisition Deposits $15K Into Trust Account To Fund Extension Until October 11, 2024; Funded Via Convertible Promissory Note With Scilex Holding Company For Up To $180K, Convertible Into Class A Shares At $10 Per Share

Benzinga · Sep 11, 2024 16:02

Denali Capital Acquisition Corp. (NASDAQ:DECA) (the "Company") announced today that it has deposited into the Company's trust account (the "Trust Account") an aggregate of $15,063.74 to fund the one-month extension from September 11, 2024, to October 11, 2024. This deposit was funded via a convertible promissory note with a principal amount of up to $180,000 issued by the Company to Scilex Holding Company (NASDAQ:SCLX, "Scilex"))))), which bears no interest and is repayable on the earlier of the effective date of the consummation of the Company's initial business combination or the date of the liquidation of the Company. Upon the closing of a business combination, the note is convertible, at Scilex's discretion, into the Company's Class A ordinary shares at a conversion price of $10.00 per share. Any future drawdowns of the remaining $149,899.52 principal amount available under the convertible promissory note are expected to fund future one-month extensions as necessary to provide additional time for the Company to complete a business combination.

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Denali Capital Acquisition Deposits $15K Into Trust Account To Fund Extension Until October 11, 2024; Funded Via Convertible Promissory Note With Scilex Holding Company For Up To $180K, Convertible Into Class A Shares At $10 Per Share

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