Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 1045

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 1045
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| c. | Scilex is expected to be the majority holder of the combined company following completion of the proposed 
 business combination.                                                                                     |

| d. | As previously disclosed, the Board of Directors of Scilex approved a resolution to authorize a potential                                                                                                                                      
 dividend of up to 10% of the Scilex’s ownership interest in Semnur in connection with certain transactions, including a merger, subject to the registration of Semnur’s common stock (or such securities, property or other assets into which 
 or for which such stock may be exchanged or converted in such a transaction) with the SEC.                                                                                                                                                    |

| e. | The letter of intent contemplates the combined company changing its name to Semnur Pharmaceuticals, Inc. and 
 being led by Scilex and Semnur’s current management team.                                                    |

In connection with our opinion, among other things, we have: ( i) relied on representations of members of the management of DECA, that the financial terms of the Transaction have been set as described above; ( ii) held conference calls with certain members of the management of DECA, to discuss the transaction and related matters, including DECA’s assets, business and operations, DECA’s strategic plans for the Company’s asset portfolio, and projections for the Company’s asset portfolio; ( iii) reviewed research and technical documents provided by DECA relating to the business and prospects of the Company’s asset portfolio; ( iv) reviewed certain marketing materials provided to us by DECA, including market size and projections performed internally; ( v) reviewed proprietary and publicly available information relating to market size and potential cash flows of the Company’s asset portfolio; ( vi) reviewed the financial terms of certain other recent transactions involving companies that we deemed generally comparable to DECA and the Transaction; ( vii) reviewed publicly available information for companies we have determined to be comparable to DECA; ( viii) reviewed asset listings and historic asset valuations provided by DECA; and ( ix) conducted such other studies, analyses, inquiries, and investigations as we deemed appropriate. In connection with our opinion of value, with your permission and without any independent verification ( a) we have assumed that the documents to be prepared and used to effect the Transaction will do so on the terms set forth by representations of members of the management of DECA, and that the financial terms of the H-2

Transaction have been set as described above, without material modification, ( b) we have relied on the accuracy and completeness of