Company: SMNR
Filing Date: 2025-08-22
Form Type: 8-K
Source: 0001213900-25-079504
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Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-22
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

Securities
Purchase Agreement

On
August 20, 2025, Denali Capital Acquisition Corp., a Cayman Islands exempted company (the “ Company” or “ Denali”),
entered into a Securities Purchase Agreement (the “ Purchase Agreement”) with Semnur Pharmaceuticals, Inc., a Delaware corporation
(“ Semnur”), and the purchaser party thereto (the “ Purchaser”). There are no material relationships between the
Company or its affiliates and the Purchaser, other than in respect of the Purchase Agreement.

Pursuant
to the Purchase Agreement, the Purchaser has agreed to purchase an aggregate of 1,250,000 shares of common stock, par value $0.0001 per
share (the “ PIPE Shares”), of the combined company (“ New Semnur”) following the consummation of the transactions
(the “ Business Combination”) contemplated by the Agreement and Plan of Merger, dated August 30, 2024, as amended on April
16, 2025, and July 22, 2025 (the “ Merger Agreement”), by and among the Company, Semnur, and Denali Merger Sub Inc. The purchase
price for the PIPE Shares is $16.00 per share, for an aggregate purchase price of $20,000,000 (the “ PIPE Financing”).

The
closing of the PIPE Financing is subject to customary conditions and is expected to occur immediately following the consummation of the
Business Combination.

The
Purchase Agreement also provides that, no earlier than the closing of the PIPE Financing and no later than 20 business days following
the closing of the Business Combination, Semnur will cause to be deposited into an escrow account an aggregate of 12,000,000 shares of
New Semnur common stock beneficially owned by its parent company, Scilex Holding Company, pursuant to the terms of a Securities Escrow
Agreement to be entered into by Semnur, the Purchaser and an escrow agent.

The
Purchase Agreement contains customary representations, warranties, and covenants of the parties thereto. The Purchase Agreement may be
terminated under certain circumstances, including if the closing of the PIPE Financing has not occurred on or before December 31, 2025.

The
foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by reference to the full text of the
Purchase Agreement, a