Company: SMNR
Filing Date: 2025-07-28
Form Type: 425
Source: 0001213900-25-068268
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-28
Form: 425
Chunk 1
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 Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share |     | DNQWF             |     | OTCQB                 |

Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

Amendment to Merger Agreement

As previously disclosed by Denali Capital Acquisition
Corp. (the “Company” or “Denali” or “Parent”), Semnur Pharmaceuticals, Inc. (“Semnur”),
a Delaware corporation and wholly owned subsidiary of Scilex Holding Company (“Sciex”), entered into an agreement and plan
of merger, dated as of August 30, 2024 (as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated April 16, 2025,
the “Merger Agreement”), with the Company and Denali Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of
the Company (“Merger Sub”), pursuant to which, among other things, Merger Sub will merge with and into Semnur with Semnur
surviving the merger as a wholly owned subsidiary of the Company (the “Merger”). The Merger and the other transactions contemplated
by the Merger Agreement are hereinafter referred to as the “Business Combination”. All capitalized terms used and not otherwise
defined herein shall have the meanings set forth in Amendment No. 2 (as defined below) and the Merger Agreement.

On July 22, 2025, the Company entered
into Amendment No. 2 to the Merger Agreement with Semnur and Merger Sub (“Amendment No. 2”). Amendment No. 2
amends the Merger Agreement to, among other things, modify the definitions of the “Exchange Ratio” and “Merger Consideration”
to facilitate the issuance of additional shares of common stock of Semnur prior