Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 281

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 281
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 Sub will merge with and into Semnur, with Semnur surviving as a wholly owned subsidiary of Denali (the “Denali Merger”), and (ii) prior to the closing of the Denali Merger, Denali will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the DGCL, and de-register in the Cayman Islands in accordance with Section 206 of the Cayman Companies Act (the “Denali Domestication”). Upon the closing of the Semnur Business Combination, it is anticipated that Denali will change its name to “Semnur Pharmaceuticals, Inc.” (“New Semnur”). Shares of Denali common stock following the Denali Domestication are hereinafter referred to as “New Semnur Common Shares”. Shares of Denali Series A preferred stock following the Denali Domestication are hereinafter referred to as “New Semnur Preferred Shares”. Warrants to purchase New Semnur Common Shares following the Denali Domestication are hereinafter referred to as “New Semnur Warrants”.

In connection with the execution and delivery of the Semnur Business Combination Agreement, Denali Capital Global Investments LLC, a Cayman Islands limited liability company (the “Denali Sponsor”), and the Company entered into a Sponsor Interest Purchase Agreement (the “SIPA”) dated August 30, 2024 (the “Signing Date”). Pursuant to the SIPA, the Company agreed to purchase 500,000 Class B ordinary shares, par value $0.0001 per share (the “Purchased Interests”), of Denali that are currently held by the Denali Sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash Consideration”) and (ii) 8,571 shares of Common Stock. Pursuant to the SIPA, the Company has paid the Cash Consideration on the Signing Date and has agreed to issue Common Stock to the Denali Sponsor contingent upon and following the occurrence of the Denali Merger Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into one New Semnur Common Share at the effective time of the Denali Domestication pursuant to the terms of the Semnur Business Combination Agreement.

Aardvark Asset Purchase Agreement

In April 2021, Sorrento entered into an asset purchase agreement (the “Aardvark Asset Purchase Agreement”)