Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 323

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 323
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 and risk adjusted net present value valuation analysis. In connection with its opinion of value, with Denali’s permission and without any independent verification (a) CB Capital assumed that the documents to be prepared and used to effect the Business Combination would do so on the terms set forth by representations of Denali’s management, and that the financial terms of the Business Combination have been set as described in its opinion, without material modification, and (b) CB Capital relied on the accuracy and completeness of all the financial and other publicly available information reviewed by CB Capital or that was furnished or otherwise communicated to CB Capital by Denali. 181

CB Capital reviewed estimations and projections relating to the markets for Semnur’s asset portfolio provided to CB Capital by Denali in light of other information available to CB Capital, as well as the discussions CB Capital conducted with Denali’s management, and other industry sources. Independent of the foregoing, CB Capital assumed that such projections relating to Semnur’s asset portfolio were reasonably prepared based on assumptions reflecting the best currently available estimates and good-faith judgments of Denali’s management as to the most likely future performance of Semnur’s asset portfolio and that Denali’s management did not have any information or belief that would make any such projections incomplete or misleading. CB Capital’s financial due diligence process included multiple interviews and meetings with the management teams of both Denali and Semnur, which resulted in the determination of the base case financial projections utilized in the valuation Report. Upon the review of the final opinion, Denali’s management team determined that Semnur’s base case projections represented the most likely future performance for Semnur. CB Capital did not independently verify the accuracy or completeness of any of the information provided to it or obtained by it from publicly available sources and does not take any responsibility with respect to any such information. CB Capital did not make an independent valuation or appraisal of the assets in consideration and was not furnished with any such recent valuations or appraisals. CB Capital also assumed that the transaction will be consummated in a timely manner without any regulatory limitations, restrictions, conditions, amendments, or modifications that collectively would have an adverse effect on the business prospects and projections concerning Semnur’s asset portfolio and that there was no material change in the business, condition or prospects of Semnur’s asset portfolio since the respective dates of the information provided to CB Capital.

The issuance of CB Capital’s opinion was approved by an authorized internal committee of CB Capital. CB Capital’s opinion is necessarily based on economic