Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 320

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 320
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 the Debt Exchange Agreement (and its exhibits), the Merger Agreement (and its exhibits, including the revised Proposed Charter), the New Semnur Certificate of Designations, the Company Stockholder Support Agreement, the Sponsor Support Agreement, the Stockholder Agreement and the Sponsor Interest Purchase Agreement, and discussions regarding same took place between Denali, Semnur, W&S and Paul Hastings on an ad-hoc basis.

On August 30, 2024, Denali obtained the fairness opinion from CB Capital indicating that based upon the assumptions set forth therein, as of August 14, 2024, CB Capital arrived at the following valuation range for the acquired assets described therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, the transaction is a fair one. Based on CB Capital’s valuation range, Scilex and Denali agreed that the Merger Consideration would be based on a valuation of $2.5 billion, which Scilex’s management and the Scilex Board believed represented the intrinsic value of Semnur, and an exchange ratio of 1.25, which would allow Scilex to retain a significant amount of New Semnur’s voting securities in order to allow time for the execution of its plans to position Semnur for long-term success. As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex and holders of Denali Ordinary Shares and other potential investors should be aware that the current market capitalization of Semnur’s parent company, Scilex, is approximately $61.6 million, as of July 18, 2025. See the section titled “Proposal 1 — The Business Combination Proposal — Certain Semnur Projected Financial Information.”

On August 30, 2024, the Semnur Board unanimously approved the Merger Agreement and the related definitive transaction documents, including the Debt Exchange Agreement, the Stockholder Agreement, the Sponsor Interest Purchase Agreement (pursuant to which the Sponsor sold 500,000 Denali Class B Ordinary Shares to Scilex), the Company Stockholder Support Agreement and the Sponsor Support Agreement, in each case, including the transactions contemplated thereby.

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On August 30, 2024, the Scilex Board unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Business Combination.

On August 30, 2024,