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

Rhea-AI Summary

Denali Capital Acquisition Corp. (NASDAQ: DECA) announced its intention to deposit $825,000 into its trust account, extending the deadline for its initial business combination from April 11, 2023 to July 11, 2023. This extension allows Denali to potentially secure a merger or acquisition by providing additional time to identify and finalize a suitable business combination. Under existing regulations, Denali can extend this deadline by up to two additional three-month periods, provided that more funds are deposited each time.

The press release also notes that forward-looking statements are subject to risks and uncertainties that may affect the company’s ability to fulfill its business goals.

Positive

• Successful extension of the business combination deadline allows for more time to secure a viable merger or acquisition.
• The deposit of $825,000 indicates financial commitment to complete a business combination.

Negative

• The need to extend the deadline may indicate challenges in identifying a suitable acquisition target.

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 Denali Capital Acquisition Corp. planning with the $825,000 deposit?

Denali intends to use the $825,000 deposit to extend the deadline for completing its initial business combination.

How long has Denali extended its business combination deadline?

Denali has extended its business combination deadline from April 11, 2023, to July 11, 2023.

What is the significance of the extension for Denali's future plans?

The extension provides Denali additional time to identify and finalize a potential merger or acquisition.

Can Denali extend its business combination deadline again?

Yes, Denali can extend the deadline up to two additional times, each by three months, by depositing more funds.

What risks are associated with Denali’s forward-looking statements?

Forward-looking statements involve risks and uncertainties that could affect Denali's ability to complete its business combination.