Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 63

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 63
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 in favor of the Business Combination and still exercise their redemption rights. Accordingly, subject to the satisfaction of the closing conditions set forth in the Merger Agreement (described elsewhere in this proxy statement/prospectus), the Business Combination may be consummated even though the funds available from the Trust Account and the number of Denali public shareholders are reduced as a result of redemptions by the Denali public shareholders. |

| Q: | Did the Denali Board obtain a third-party valuation or fairness opinion in determining whether to proceed with the Business Combination? |

| A: | Yes. On July 8, 2024, the audit committee of the Denali Board (the “Denali Audit Committee”) retained CB Capital Partners, Inc. (“CB Capital”) to conduct an analysis of the Business Combination and to provide an opinion as to the valuation range for the acquired assets and whether the Business Combination was fair, from a financial point of view. On August 30, 2024, the Denali Board (solely in such capacity) obtained an opinion from CB Capital to the effect that, as of that date and subject to the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by CB Capital as set forth in its written opinion, the valuation range for the acquired assets, from a financial point of view, was between $2.001 billion and $2.554 billion, and the Business Combination was fair, from a financial point of view. See the section titled “Proposal 1 — The Business Combination Proposal — Opinion of CB Capital” and the opinion (as described below) attached as Annex H to this proxy statement/prospectus. As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. 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. |

| Q: | Do any of Denali’s directors or officers and the Sponsor have interests that may conflict with my interests with respect to the Business Combination? |

| A: | In considering the recommendation of the Denali Board to vote for the approval of the Business Combination Proposal and other proposals, Denali’s shareholders should be aware that certain Denali executive officers and directors may be deemed to have interests in the Business Combination that are different from