Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 5

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 5
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 aggregate value, as of the date of the Merger Agreement, equal to $2.5 billion (the “Merger Consideration”), as such amount may be adjusted in respect of any shares of Semnur Common Stock and options to purchase shares of Semnur Common Stock issued prior to closing of the Business Combination pursuant to the terms of the Merger Agreement. The Merger Consideration was determined based on the valuation range provided in the opinion of CB Capital Partners, Inc. (“CB Capital”). 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. As more fully described elsewhere in this proxy statement/prospectus, the maximum number of shares of New Semnur Series A Preferred Stock and New Semnur Common Stock to be issued to the holders of Semnur Preferred Stock at the Closing shall not exceed 6,000,000 and 600,000, respectively, such newly issued shares being collectively referred to herein as the “Preferred Consideration”.

The New Semnur Series A Preferred Stock will be issued only to Scilex (as the sole holder of Semnur Preferred Stock) upon the closing of the Business Combination and will have rights, preferences and privileges that are senior, or in addition, to the rights, preferences and privileges of the holders of New Semnur Common Stock, including the right to receive, in the event of a change of control, liquidation dissolution or winding up of New Semnur, a preference amount out of the assets available for distribution to stockholders before any distribution can be made to holders of New Semnur Common Stock. Further, pursuant to the terms of the Stockholder Agreement entered into between Denali and Scilex, from and after the Effective Time, and for so long as Scilex beneficially owns any shares of New Semnur Series A Preferred Stock, among other things, Scilex shall have the right, but not the obligation, to designate each director to be nominated, elected or appointed to the New Semnur Board. The Stockholder Agreement also provides that New Semnur will be prohibited from taking certain actions without the consent of Scilex. For more information on the terms of the New Semnur Preferred Stock, see