Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 315

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 315
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ilex’s potential follow-on or PIPE offering. Additionally, Mr. Huang highlighted other strategic opportunities that US Tiger could facilitate for Semnur and Scilex, including business combination transactions with special purpose acquisition companies for which US Tiger is currently acting as an advisor, such as Denali.

On June 11, 2024, Dr. Ji attended a video conference call with Mr. Huang and Peter Xu, the Manager of the Sponsor to explore a potential business combination between Semnur and Denali, in light of the possible termination of the Longevity Merger Agreement.

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Since Semnur’s inception, Scilex has been consistently exploring financing options to support Semnur’s clinical trials. Throughout 2024, Scilex continued to pursue a range of capital raising opportunities, including non-dilutive financings, debt financings, royalty financings, private placements, business combinations and a traditional initial public offering. Throughout this process, Scilex’s management team engaged with various investment banks, venture capitalists and debt investors to discuss potential funding of Semnur and the development of SP-102, and engaged with potential pharmaceutical companies outside the U.S. for collaboration partnerships. However, none of these opportunities advanced beyond the preliminary discussion and diligence stage nor, in the opinion of Scilex’s management, did any such opportunities fully recognize the intrinsic value of Semnur.

On June 23, 2024, Dr. Ji met with Mr. Huang to further discuss the proposed business combination transaction and related term sheet. Also present at these discussions were Jaisim Shah, Chief Executive Officer and President of Semnur and Stephen Ma, Chief Financial Officer of Scilex.

On June 23, 2024, Denali’s management had a follow up call with Semnur’s management to discuss progress on its due diligence review of Semnur and next steps.

Subsequent to this call, the Denali team reviewed the updated financial information provided by Semnur and determined to proceed with a letter of intent.

On June 23, 2024, Semnur sent Denali a draft letter of intent (the “LOI”) regarding a potential business combination of the two companies, with a proposed pre-money valuation of Semnur of up to $2.0 billion, subject to adjustment based on a third-party fairness opinion.

On June 26, 2024, pursuant to Section 11.1(a) of the Longevity Merger Agreement,