Denali Capital Acquisition Corp Extends Business Combination Deadline

Deal News | Jun 12, 2025 | EIN

Denali Capital Acquisition Corp., a special purpose acquisition company (SPAC) listed on NASDAQ as DECA, has announced an extension of its deadline to complete a business combination. The extension runs from June 11, 2025, to July 11, 2025. To facilitate this one-month extension, Denali has deposited $874.78 into its Trust Account, which was funded by a convertible promissory note from Scilex Holding Company, a NASDAQ-listed entity. The note has a principal amount of up to $180,000, bears no interest, and becomes repayable upon the consummation of a business merger or if Denali is liquidated. Scilex has the option to convert the note into Denali's Class A ordinary shares at $10 per share upon the closing of a business combination. Further extensions may be financed by drawing down on the remaining $56,920.74 of the promissory note. Denali Capital is registered in the Cayman Islands and aims to merge, acquire, or reorganize with one or more businesses. The press release acknowledges forward-looking statements, noting that numerous risks and circumstances, detailed in Denali's reports to the SEC, could impact future outcomes.

Sectors

Special Purpose Acquisition Companies (SPACs)
Financial Services

Geography

Cayman Islands – Denali Capital Acquisition Corp is incorporated as a Cayman Islands exempted company.
United States – Both Denali Capital Acquisition Corp and Scilex Holding Company are traded on NASDAQ, a U.S. stock exchange.

Industry

Special Purpose Acquisition Companies (SPACs) – Denali Capital Acquisition Corp is a SPAC, involved in facilitating mergers or acquisitions, making it central to the article.
Financial Services – The funding mechanism involving a convertible promissory note by Scilex and the subsequent potential for share conversion are financial services activities.

Financials

$874.78 – Deposit amount into the trust account for one-month extension.
$180,000 – Principal amount of the convertible promissory note issued to Denali by Scilex.
$10.00 – Conversion price per share for the promissory note issued by Scilex.

Participants

Name	Role	Type	Description
Denali Capital Acquisition Corp.	Target	Company	A blank check company established to engage in mergers or acquisitions.
Scilex Holding Company	Funding Provider	Company	Provides the convertible promissory note to fund Denali's business combination deadline extension.
United States Securities and Exchange Commission	Regulatory Body	Government	The SEC governs the regulations and disclosures Denali must comply with as a publicly traded company.