Denali Capital Acquisition Deposits $15K Into Trust Account To Fund Extension Until October 11, 2024; Funded Via Convertible Promissory Note With Scilex Holding Company For Up To $180K, Convertible Into Class A Shares At $10 Per Share
Portfolio Pulse from Benzinga Newsdesk
Denali Capital Acquisition Corp. (DECA) has deposited $15,063.74 into its trust account to extend its business combination deadline to October 11, 2024. This was funded by a convertible promissory note with Scilex Holding Company (SCLX) for up to $180,000, convertible into DECA's Class A shares at $10 per share.
September 11, 2024 | 8:02 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Denali Capital Acquisition Corp. has extended its business combination deadline to October 11, 2024, funded by a convertible note with Scilex. This move provides DECA more time to finalize a business combination, potentially impacting its stock positively if a favorable deal is announced.
The extension funded by a convertible note indicates DECA's commitment to completing a business combination. The potential conversion into Class A shares at $10 per share suggests confidence in future valuation, which could positively impact DECA's stock if a favorable business combination is announced.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Scilex Holding Company has provided a convertible promissory note to Denali Capital Acquisition Corp. for up to $180,000, convertible into DECA's Class A shares. This positions SCLX to benefit from DECA's potential business combination success.
By providing a convertible note, SCLX positions itself to potentially gain from DECA's successful business combination. The conversion option at $10 per share could be advantageous if DECA's stock appreciates post-combination.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70