Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 1078

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 1078
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 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 all the financial and other publicly available information reviewed by us or that was furnished or otherwise communicated to us by DECA. We have reviewed estimations and projections relating to the markets for the Company’s asset portfolio provided to us by DECA in light of other information available to us, as well as the discussions we have conducted with the Management teams of DECA, and other industry sources. Independent of the foregoing, we have