Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 325

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 325
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 are encouraged to read the entire opinion carefully and in its entirety. CB Capital’s opinion was rendered for the benefit of the Denali Board, in its capacity as such, and addressed only the 180

valuation range of the acquired Semnur assets from a financial point of view and from a financial point of view that the Business Combination is a fair one, in each case as of the date of the opinion. CB Capital’s opinion did not address Denali’s underlying business decision to pursue the Business Combination, the relative merits of the Business Combination as compared to any alternative business strategies that might exist for Denali or the effects of any other transactions in which Denali might engage. CB Capital did not express any opinion as to the price or range of prices at which the Denali Ordinary Shares might trade subsequent to announcement of the Business Combination, or prices or range of prices at which the shares of the Denali Ordinary Shares, or New Semnur Common Stock will trade after the consummation of the Business Combination. CB Capital does not provide any legal or other advice regarding the Business Combination or any possible alternatives to the transaction. In connection with its opinion, among other things, CB Capital has:

| (i) | relied on representations of members of the management of Denali, that the financial terms of the Business Combination have been set as described above; |

| (ii) | held conference calls with certain members of the management of Denali, to discuss the transaction and related matters, including Denali’s assets, business and operations, Denali’s strategic plans for Semnur’s asset portfolio, and projections for Semnur’s asset portfolio; |

| (iii) | reviewed research and technical documents provided by Denali relating to the business and prospects of Semnur’s asset portfolio; |

| (iv) | reviewed certain marketing materials provided to CB Capital by Denali, including market size and projections performed internally; |

| (v) | reviewed the estimations and projections relating to the markets for Semnur’s asset portfolio provided to CB Capital by Denali; |

| (vi) | reviewed proprietary and publicly available information relating to market size and potential cash flows of Semnur’s asset portfolio; |

| (vii) | reviewed the financial terms of certain other recent transactions involving companies that CB Capital deemed generally comparable to Denali and the Business Combination; |

| (viii) | reviewed publicly available information for companies CB Capital has determined to be comparable to Denali; |

| (ix) | reviewed asset listings and