Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1254

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 8
Chunk 1254
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 Merger Agreement.

Subject
to the terms and conditions set forth in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s
equity holders will be an amount equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in New Semnur
Common Shares. In accordance with the terms and subject to the conditions of the Merger Agreement, following the Company’s deregistering
as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware
(the “Domestication”) and at the effective time of the Merger (the “Effective Time”): (i) each share of common
stock of Semnur issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive,
without interest, a number of shares of common stock of New Semnur (the “New Semnur Common Shares”) equal to the Exchange
Ratio (as defined in the Merger Agreement); (ii) each share of Series A preferred stock of Semnur issued and outstanding immediately
prior to the Effective Time will be automatically converted into the right to receive, without interest, (a) one share of Series A preferred
stock of New Semnur (the “New Semnur Preferred Share”) and (b) one-tenth of one New Semnur Common Share, and (iii) subject
to the Company’s receipt of the Option Exchange Approval (as defined in the Merger Agreement), each option to purchase a share
of Semnur common stock that is then outstanding shall be converted into the right to receive an option to purchase a number of New Semnur
Common Shares as determined by the Exchange Ratio upon substantially the same terms and conditions as are in effect with respect to such
option immediately prior to the Effective Time, with the exercise price thereof adjusted by the Exchange Ratio. For purposes of the Merger
Agreement, Semnur’s equity value is $2,500,000,000.

Other
Agreements

The
Merger Agreement contemplates the execution of various additional agreements and instruments, on or before the closing of the Merger,
including, among others, the following:

F-12

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

Sponsor
Support Agreement

Concurrently
with the execution of the Merger Agreement,