Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 307

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 307
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 was publicly announced. On June 28, 2024, Denali’s management engaged Winston & Strawn LLP (“W&S”) to serve as its legal counsel for the proposed transaction with Semnur. 176

On July 8, 2024, the Denali Board engaged CB Capital to provide an evaluation of Semnur and issue a
fairness opinion.

On July 9, 2024, representatives of Semnur and Denali, and their respective legal counsel, held a
“kick-off” call to discuss certain process matters regarding completion of business due diligence, preparation of definitive transaction documents, legal due diligence, a potential financing, and
related work streams, including the anticipated timeline for signing a business combination agreement. After this date, Semnur periodically updated the data room, in response to due diligence requests received from Denali.

Commencing July 9, 2024, representatives of Denali and Semnur met virtually on a weekly basis to discuss matters related to the proposed transaction,
including due diligence.

On July 12, 2024, representatives of Paul Hastings LLP (“Paul Hastings”), counsel to Semnur, and W&S held a
meeting to discuss certain transaction structuring and tax matters regarding the business combination agreement.

On July 15, 2024, a representative
of US Tiger as Denali’s advisor, conducted a site visit to Scilex’s office in Palo Alto, California, where such US Tiger representative met with Scilex’s executive team, including Mr. Shah, Mr. Ma, Suresh Khemani, Senior
Vice President of Scilex, Dmitri Lissin, Ph.D., Chief Marketing Officer of Scilex, Gigi DeGuzman, Head of Human Resources of Scilex, Suketu Desai, Ph.D., Chief Technical Officer of Scilex and Steve Lincoln, Scilex’s General Counsel and
Chief Compliance Officer, and discussed details of Semnur’s business. Each executive member explained his or her functional responsibilities and how he or she will continue to support Semnur following the Business Combination.

Between July 15, 2024 and August 14, 2024, additional conversations took place between Denali and Semnur on an ad hoc basis. During this time
period, Semnur provided financial projections on both a base case scenario and a best case scenario for the Denali Board’s consideration. CB Capital evaluated such projections and performed a sensitivity analysis to