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On April 11, 2022, Denali Capital Acquisition Corp. (the “Compasny”) consummated an initial public offering (the “IPO”) of 8,250,000 units (the “Units”). Each Unit consists of one Class A ordinary share, $0.0001 par value per share (the “Class A Ordinary Shares”), and one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof to purchase one Class A Ordinary Share at an exercise price of $11.50 per share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $82,500,000. Substantially concurrently with the closing of the IPO, the Company completed the private sale (the “Private Placement”) of 510,000 Units (the “Private Placement Units”) to the Company’s sponsor, Denali Capital Global Investments LLC, at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $5,100,000 (together with the gross proceeds from the IPO, the “Offering Proceeds”). Certain of the proceeds from the IPO together with certain of the proceeds from the Private Placement, $84,150,000 in the aggregate, were placed in a trust account established for the benefit of the Company’s public shareholders and the underwriters of the IPO with Wilmington Trust, National Association acting as trustee. Except for the withdrawal from interest earned on the Offering Proceeds in the trust account to fund franchise and income taxes payable and up to $100,000 of interest to pay dissolution expenses, or upon the redemption by public shareholders of Class A Ordinary Shares in connection with certain amendments to the Company’s amended and restated memorandum and articles of association, none of the funds held in the trust account will be released until the earlier of the completion of the Company’s initial business combination or the redemption of 100% of the Class A Ordinary Shares included in the Units and issued by the Company in the IPO if the Company is unable to consummate an initial business combination within 12 months from the closing of the IPO (which may be extended under certain circumstances).

 

An audited balance sheet as of April 11, 2022 reflecting receipt of the Offering Proceeds has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.