Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 304

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 304
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 consistently exploring financing options to support
Semnur’s clinical trials. Throughout 2024, Scilex continued to pursue a range of capital raising opportunities, including non-dilutive financings, debt financings, royalty financings, private placements, business combinations and a traditional
initial public offering. Throughout this process, Scilex’s management team engaged with various investment banks, venture capitalists and debt investors to discuss potential funding of Semnur and the development of SP-102, and engaged with
potential pharmaceutical companies outside the U.S. for collaboration partnerships. However, none of these opportunities advanced beyond the preliminary discussion and diligence stage nor, in the opinion of Scilex’s management, did any such
opportunities fully recognize the intrinsic value of Semnur.

On June 23, 2024, Dr. Ji met with Mr. Huang to further discuss the proposed business
combination transaction and related term sheet. Also present at these discussions were Jaisim Shah, Chief Executive Officer and President of Semnur and Stephen Ma, Chief Financial Officer of Scilex.

On June 23, 2024, Denali’s management had a follow up call with Semnur’s management to discuss progress on its due diligence review of Semnur and
next steps.

Subsequent to this call, the Denali team reviewed the updated financial information provided by Semnur and determined to proceed with a
letter of intent.

On June 23, 2024, Semnur sent Denali a draft letter of intent (the “LOI”) regarding a potential business combination of the
two companies, with a proposed pre-money valuation of Semnur of up to $2.0 billion, subject to adjustment based on a third-party fairness opinion.

On
June 26, 2024, pursuant to Section 11.1(a) of the Longevity Merger Agreement, the parties entered into the Termination Agreement, as they mutually believed that the Longevity Business Combination was not in the best interest of the
shareholders of each of Denali and Longevity given the projected financial condition of the combined company following the closing of the Longevity Transactions. Pursuant to the Termination Agreement, the Longevity Merger Agreement was terminated
effective as of the date thereof. As a result of the Termination Agreement, the Longevity Merger Agreement is of no further force and effect (other than certain customary limited provisions that survive the termination pursuant to the terms of the
Longevity Merger Agreement)