Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 321

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 321
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. 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, the definitive agreements were signed, and on September 3, 2024, the parties issued a press release to announce the entry into the definitive agreements, which Denali filed concurrently in a Current Report on Form 8-K with the SEC.

In early January 2025, the parties began discussions regarding the need to amend the Merger Agreement to extend the outside date for completion of the Business Combination. On January 9, 2025, Paul Hastings circulated an initial draft of Amendment No. 1 to Merger Agreement proposing to extend the outside date to June 30, 2025.

As the parties discussed extending the timeline for completion of the Business Combination, they addressed the implications of applicable Nasdaq Listing Rules. Under Nasdaq Listing Rules, Denali’s securities would be delisted if Denali did not complete a business combination by April 6, 2025, which was 36 months after the effective date of Denali’s IPO registration statement.

On February 14, 2025, Winston & Strawn circulated a revised draft of Amendment No. 1 to Merger Agreement that incorporated changes to address the Nasdaq listing timeline and reflect a transition to OTC Markets trading.

Throughout February and March 2025, the parties continued to negotiate the terms of the amendment, including updating the outside date for completion of the Business Combination; modifying definitions and closing conditions to reflect OTC Markets trading; and coordinating the amendment with Denali’s extension of its business combination deadline.

In March 2025, Denali planned for a shareholder meeting to extend its deadline to complete a business combination beyond April 11, 2025. The parties coordinated the timing of Amendment No. 1 to Merger Agreement with this extension process