Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 317

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 317
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 was to have (i) Scilex contribute the outstanding indebtedness to Semnur in exchange for the issuance by Semnur to Scilex of preferred stock of Semnur, and upon the occurrence of such contribution, the aggregate outstanding amount of such indebtedness

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would be satisfied in full. Such contributions would take place immediately prior to the closing of the Business Combination and then the Semnur Preferred Stock issued to Scilex would be 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.