Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 320

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 320
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 its lead product candidate, SP-102. A representative of CB Capital reviewed with the Denali Board an overview of the financial analysis completed in support of delivery of a fairness opinion. A representative of W&S presented a proposed final version of the Merger Agreement to the Denali Board and reminded the directors of their fiduciary duties and addressed the approvals that would be required from the Denali Board and shareholders.

On August 19, 2024, the Denali Board unanimously approved the Merger Agreement and the transactions contemplated thereby.

On August 29, 2024, the LOI was further amended to extend the exclusivity period to September 6, 2024.

During the month of July 2024 through August 30, 2024, Paul Hastings provided W&S with drafts of the Debt Exchange Agreement (and its exhibits), the Merger Agreement (and its exhibits, including the revised Proposed Charter), the New Semnur Certificate of Designations, the Company Stockholder Support Agreement, the Sponsor Support Agreement, the Stockholder Agreement and the Sponsor Interest Purchase Agreement, and discussions regarding same took place between Denali, Semnur, W&S and Paul Hastings on an ad-hoc basis.

On August 30, 2024, Denali obtained the fairness opinion from CB Capital indicating that based upon the assumptions set forth therein, as of August 14, 2024, CB Capital arrived at the following valuation range for the acquired assets described therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, the transaction is a fair one. Based on CB Capital’s valuation range, Scilex and Denali agreed that the Merger Consideration would be based on a valuation of $2.5 billion, which Scilex’s management and the Scilex Board believed represented the intrinsic value of Semnur, and an exchange ratio of 1.25, which would allow Scilex to retain a significant amount of New Semnur’s voting securities in order to allow time for the execution of its plans to position Semnur for long-term success. As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex and holders of Denali Ordinary Shares and other potential investors should be aware that the current market capitalization of Semnur’s parent company, Scilex, is approximately $61.6 million, as of July 18, 2025