Denali Capital Extends Business Completion Deadline

Deal News | Dec 11, 2024 | EIN

Denali Capital Acquisition Corp., a Cayman Islands-exempted blank check company, announced a one-month extension for completing a business combination from December 11, 2024, to January 11, 2025. This extension is financed by a $15,063.74 deposit into the company's trust account, funded via a convertible promissory note issued by Scilex Holding Company. The note, which has a principal amount up to $180,000, bears no interest and is convertible into Denali's Class A shares at $10 per share upon closing of a business deal. Forward-looking statements in the press release note the conditions and risks involved in such potential transactions.

Sectors

Financial Services
Venture Capital & Private Equity

Geography

USA – Denali Capital Acquisition Corp. is headquartered in New York, USA, and operates within the American financial market.
Cayman Islands – The company's legal incorporation as a Cayman Islands exempted company highlights its geographical connection to this jurisdiction.

Industry

Financial Services – Denali Capital Acquisition Corp. operates within the financial services sector as a blank check, special-purpose acquisition company (SPAC).
Venture Capital & Private Equity – The involvement of convertible promissory notes and acquisition strategies places Denali Capital and its activities within the venture capital and private equity sector.

Financials

$15,063.74 – The deposit made by Denali Capital into its trust account for the extension.
$180,000 – Principal amount of the convertible promissory note issued by Scilex.
$104,708.30 – Remaining available principal amount under the promissory note for future extensions.

Participants

Name	Role	Type	Description
Denali Capital Acquisition Corp.	Target	Company	A blank check company aimed at completing a business combination.
Scilex Holding Company	Bidding Company	Company	The provider of the promissory note to Denali.