Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 309

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 309
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exchanged for equity of New Semnur in the Business Combination.

On August 9, 2024, Denali issued the Scilex Convertible Note to Scilex, with an
initial principal balance of $15,037. On the same day, Denali deposited $15,037 into the Trust Account in order to extend the period of time it has to consummate a business combination by one month, from the then deadline of August 11, 2024 to
September 11, 2024.

On August 12, 2024, Denali and Mr. Xu participated in a call with representatives of CB Capital to review and discuss
target projection models and preliminary analysis, in each case as prepared by CB Capital.

On August 15, 2024, the LOI was amended to extend the
exclusivity period to August 31, 2024.

On the same date, the Denali Board convened a meeting via videoconference. Denali management and
representatives of Semnur, US Tiger, Paul Hastings and W&S were present at such meeting. At the meeting, the Denali management team provided an update on the business considerations and commercial terms of the Merger Agreement, and generally
updated the Denali Board regarding the final negotiations of the terms of the Business Combination. Representatives of Semnur provided an overview of Semnur and 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