Ulis inbounded the ball, received it back and hit the shot, leading the Suns to an 82-81 win to advance to the Summer League semifinals and knock Denver out of the tournament.
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With the game tied at 79 and with 1.5 seconds left in regulation, Phoenix’s Dragan Bender drew a foul before the buzzer.
Down two with just over a second remaining in overtime, the Suns called a timeout and ran a play for Ulis who ended the game in dramatic fashion.
Ulis, the second-round 2016 pick (No. 34 overall), finished with 19 points and Alan Williams scored 22 of his own.
Bender missed both free throws to send the game to a two-minute overtime at Thomas & Mack Center.
The Nuggets got 29 points from Jamal Murray and another 16 from Jimmer Fredette.
The Suns were 2-1 in the preliminary rounds of the Las Vegas league, suffering their only loss to the Heat on Tuesday.
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The fifth-seeded Suns will face the No. 24 Minnesota Timberwolves at 3 p.m. Sunday on ESPN2 to try to reach the Summer League championship game for the third time in four years.
