Denali Capital Acquisition Corp. Announces Extension of Deadline to Complete an Initial Business Combination

Rhea-AI Summary

Denali Capital Acquisition Corp. (NASDAQ: DECA) announced on April 6, 2023, its decision to deposit $825,000 into its trust account to extend the deadline for completing its initial business combination by three months, moving the date from April 11, 2023, to July 11, 2023.

This extension allows the Company additional time to identify a suitable merger, share exchange, or other business combination opportunities. Denali is authorized to extend the deadline up to two times, provided that they deposit further funds into the trust account.

Positive

• Extended deadline provides more time for strategic business combination.
• Availability of additional funds supports potential favorable acquisition opportunities.

Negative

• The need for an extension may indicate difficulties in finding suitable business opportunities.
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NEW YORK, April 6, 2023 /PRNewswire/ -- Denali Capital Acquisition Corp. (NASDAQ: DECA) ("Denali" or the "Company") announced today that it intends to deposit into the Company's trust account an aggregate of $825,000 in order to extend the period of time the Company has to consummate its initial business combination by an additional three months, from the current deadline of April 11, 2023 to July 11, 2023 (the "Extension"). In connection with the Extension, the Company expects to deposit the additional funds into the trust account on or before the current deadline of April 11, 2023.  The Company is permitted to extend the period of time to consummate a business combination by up to two times, each time by an additional three months, subject to the requirement to deposit additional funds into the Company's trust account. 

About Denali Capital Acquisition Corp.  

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. 

Forward-Looking Statements

This press release includes forward looking statements that involve risks and uncertainties. Forward looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's prospectus for its initial public offering filed with the SEC. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

 

 

View original content:https://www.prnewswire.com/news-releases/denali-capital-acquisition-corp-announces-extension-of-deadline-to-complete-an-initial-business-combination-301792152.html

SOURCE Denali Capital Acquisition Corp.

FAQ

What is the purpose of Denali Capital Acquisition Corp.'s $825,000 deposit?

The $825,000 deposit is intended to extend the deadline for completing an initial business combination by three months.

What is the new deadline for Denali Capital's business combination?

The new deadline is July 11, 2023.

How many times can Denali extend its deadline for a business combination?

Denali can extend its deadline up to two times, each by an additional three months.

What challenges might Denali Capital face with this extension?

The need for an extension may suggest difficulties in finding suitable business opportunities.