NEW YORK, NEW YORK, Oct. 11, 2024 (GLOBE NEWSWIRE) — Denali Capital Acquisition Corp. (NASDAQ: DECA) announced today that it has deposited into the Company’s trust account an aggregate of $15,063.74 to fund the one-month extension from October 11, 2024, to November 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 $134,835.78 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.
About the Company
Denali Capital Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
