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

Rhea-AI Summary

Denali Capital Acquisition Corp. (NASDAQ: DECA) has announced a deposit of $825,000 into its trust account to extend the deadline for completing its initial business combination by three months, from April 11, 2023 to July 11, 2023. This marks the first of two three-month extensions allowed under the company's governing documents. Denali is a blank check company aiming to merge with or acquire one or more businesses.

The company emphasizes that forward-looking statements in this announcement involve various risks and uncertainties beyond its control, as detailed in its annual and quarterly reports filed with the Securities and Exchange Commission.

Positive

• Extended deadline facilitates potential business combination opportunities.
• Availability of additional funds may signal investor confidence.

Negative

• The need for an extension may indicate challenges in identifying a suitable acquisition target.

NEW YORK, April 12, 2023 /PRNewswire/ -- Denali Capital Acquisition Corp. (NASDAQ: DECA) ("Denali" or the "Company") announced today that it has deposited into the Company's trust account an aggregate of $825,000 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. This is the first of the two three-month extensions permitted under the Company's governing documents.

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 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 significance of Denali Capital Acquisition Corp. extending its deadline?

The extension allows Denali more time to find a suitable business to merge or acquire, which could be crucial for the company's future.

How much did Denali deposit to extend its deadline?

Denali deposited $825,000 into its trust account to extend the deadline.

What is the new deadline for Denali to complete its business combination?

The new deadline is July 11, 2023.

How many extensions is Denali allowed regarding its deadline?

Denali is permitted two three-month extensions according to its governing documents.