Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 319

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 319
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nur provided unaudited financial statements to Denali and representatives of Denali and Semnur met to discuss the progress of the audit of Semnur’s financial statements and the preparation of the pro forma financial statements that would to be included in the registration statement to be filed in connection with the proposed Business Combination.

During July and August 2024, Mr. Shah and Mr. Ma of Semnur had several calls with Mr. Xu and Mr. Huang of Denali to discuss the treatment of the intercompany debt between Scilex, on the one hand, and Semnur, on the other hand, and how such debt could be reduced. The approach discussed was to have (i) Scilex contribute the outstanding indebtedness to Semnur in exchange for the issuance by Semnur to Scilex of preferred stock of Semnur, and upon the occurrence of such contribution, the aggregate outstanding amount of such indebtedness

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would be satisfied in full. Such contributions would take place immediately prior to the closing of the Business Combination and then the Semnur Preferred Stock issued to Scilex would be exchanged for equity of New Semnur in the Business Combination.

On August 9, 2024, Denali issued the Scilex Convertible Note to Scilex, with an initial principal balance of $15,037. On the same day, Denali deposited $15,037 into the Trust Account in order to extend the period of time it has to consummate a business combination by one month, from the then deadline of August 11, 2024 to September 11, 2024.

On August 12, 2024, Denali and Mr. Xu participated in a call with representatives of CB Capital to review and discuss target projection models and preliminary analysis, in each case as prepared by CB Capital.

On August 15, 2024, the LOI was amended to extend the exclusivity period to August 31, 2024.

On the same date, the Denali Board convened a meeting via videoconference. Denali management and representatives of Semnur, US Tiger, Paul Hastings and W&S were present at such meeting. At the meeting, the Denali management team provided an update on the business considerations and commercial terms of the Merger Agreement, and generally updated the Denali Board regarding the final negotiations of the terms of the Business Combination. Representatives of Semnur provided an overview of Semnur and