Denali Capital Acquisition Corp. Announces Shareholder Approval of Extension of Deadline to Complete Business Combination

Rhea-AI Summary

Denali Capital Acquisition Corp. extends deadline for initial business combination

Positive

• Shareholders vote to extend deadline from October 11, 2023 to July 11, 2024
• Additional $50,000 deposited into trust account

Negative

• None.

NEW YORK, Oct. 11, 2023 /PRNewswire/ -- Denali Capital Acquisition Corp. (NASDAQ: DECA) (the "Company") announced today that the Company's shareholders voted in favor of approving amendments to the Company's amended and restated memorandum and articles of association (the "Articles") to, amongst other things, extend the date by which the Company must consummate an initial business combination from October 11, 2023 to July 11, 2024 by electing to extend the date to consummate an initial business combination on a monthly basis for up to nine times by an additional one month each time (the "Extension").  The Company also announced today that an aggregate of $50,000 has been deposited into the Company's trust account to extend the period of time the Company has to consummate its initial business combination by an additional month in accordance with the amended terms of the Articles.

A Current Report on Form 8-K disclosing the full voting results will be filed with the U.S. Securities and Exchange Commission (the "SEC").

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.

Participants in the Solicitation

The Company, its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company's shareholders in respect of the Extension. Information regarding the Company's directors and executive officers is available in its Annual Report on Form 10-K filed with the SEC. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests are contained in the definitive proxy statement relating to the Shareholder Meeting (the "Definitive Proxy Statement").

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Additional Information and Where to Find It

On September 25, 2023, the Company filed the Definitive Proxy Statement with the SEC in connection with its solicitation of proxies for the Shareholder Meeting. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER DOCUMENTS THE COMPANY FILES WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Definitive Proxy Statement (including any amendments or supplements thereto) and other documents filed with the SEC through the web site maintained by the SEC at www.sec.gov or by directing a request to the Company's proxy solicitor, Advantage Proxy, Inc., at P.O. Box 10904 Yakima, WA 98909, Toll-Free (877) 870-8565 or Collect (206) 870-8565, Email: ksmith@advantageproxy.com.

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 most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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.

 

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SOURCE Denali Capital Acquisition Corp.

FAQ

What is the new deadline for Denali Capital Acquisition Corp.'s initial business combination?

The new deadline is July 11, 2024.

How many times can the deadline be extended?

The deadline can be extended up to nine times, with each extension being one month.

How much money was deposited into the trust account?

An additional $50,000 was deposited into the trust account.