Denali Capital Extends Business Combination Deadline to February 2025

Deal News | Jan 08, 2025 | EIN

Denali Capital Acquisition Corp., a blank check company listed on NASDAQ, has announced an extension of the deadline to complete its business combination, extending it from January 11, 2025, to February 11, 2025. To facilitate this extension, Denali Capital has deposited $15,063.74 into its trust account, funding this through a convertible promissory note with Scilex Holding Company. This note offers a principal amount of up to $180,000, has no interest, and is repayable upon consummation or liquidation of the business. The note includes an option for Scilex to convert the debt into Denali's Class A shares at $10 per share post-business combination. Remaining funds from the note may support future extensions to finalize the business combination. Denali Capital aims to merge or acquire businesses, operating as a Cayman Islands-exempted company.

Sectors

Financial Services
Mergers and Acquisitions (M&A)

Geography

United States – Denali Capital Acquisition Corp. and Scilex Holding Company are both operating within the jurisdiction of the United States.

Industry

Financial Services – Denali Capital Acquisition Corp. operates as a blank check company, which falls under the financial services sector, focusing on mergers and acquisitions.
Mergers and Acquisitions (M&A) – Denali Capital is engaged in activities related to mergers and acquisitions, as it seeks to complete a business combination with one or more businesses.

Financials

15,063.74 – Amount deposited for the one-month extension from January 11, 2025, to February 11, 2025.
180,000 – Principal amount of the convertible promissory note provided by Scilex Holding Company.
10.00 – Conversion price per share for the convertible promissory note into Denali's Class A ordinary shares.

Participants

Name	Role	Type	Description
Denali Capital Acquisition Corp.	Target Company	Company	A blank check company aiming to effect a business merger or acquisition.
Scilex Holding Company	Other Company - Funding Provider	Company	Scilex Holding Company provided a convertible promissory note to Denali Capital for funding extensions.