Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 569

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 569
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 effective date of the consummation of Denali’s initial business combination or (ii) the date of the liquidation of Denali. Any future drawdowns of the remaining $ 164,936.26principal amount available under the Convertible Promissory Note are expected to fund future one-monthextensions as necessary to provide additional time for Denali to complete a business combination. At the option of the Company, upon consummation of an initial business combination, the Convertible Promissory Note may be converted in whole or in part into additional Class A ordinary shares of Denali, at a conversion price of $ 10.00per ordinary share (the “Conversion Shares”). The terms of the Conversion Shares will be identical to those of the private placement shares that were issued to Denali Capital Global Investments, LLC, a Cayman Islands limited liability company (the “Sponsor”), in connection with Denali’s initial public offering (the “IPO”). In the event that Denali does not consummate an initial business combination, the Convertible Promissory Note will be repaid only from funds held outside of the trust account established in connection with the IPO or will be forfeited, eliminated or otherwise forgiven. Nointerest shall accrue on the unpaid principal balance of the Convertible Promissory Note. As of March 31, 2025 and December 31, 2024, the balance of the Convertible Promissory Note was $ 120.5thousand and $ 75.3thousand, respectively, as a result of additional draws after the initial amount. Semnur Business Combination Agreement and Sponsor Interest Purchase Agreement On August 30, 2024, Semnur entered into an agreement and plan of merger (as may be amended or restated from time to time in accordance with its terms, including by Amendment No. 1 and Amendment No. 2 thereto, dated as of April 16, 2025 (“Amendment No.1”) and July 22, 2025, respectively, the “Semnur Business Combination Agreement”) with Denali and Denali Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Denali (“Denali Merger Sub”). The Semnur Business Combination Agreement provides that, among other things, (i) on the terms and subject to the conditions set forth therein, Denali Merger Sub will merge with and into Semnur, with Semnur surviving as a wholly owned subsidiary of Denali (