Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 460

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 460
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2. Those Public Units not separated would continue to trade on Nasdaq under the symbol “DECAU,” and each of the Denali Class A Ordinary Shares and Warrants that were separated would trade on Nasdaq under the symbols “DECA” and “DECAW,” respectively. Following the delisting from Nasdaq, the Public Units, Denali Class A Ordinary Shares and Public Warrants commenced trading on the OTC Markets under the symbols “DNQUF,” “DNQAF” and “DNQWF,” respectively.

As of December 31, 2024, all of the assets held in the Trust Account have been held solely in cash in an interest-bearing demand deposit account at a bank. The Company intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete the Business Combination. To the extent that the Company’s share capital or debt is used,

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in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue the Company’s growth strategies.

### Fair Market Value of Target Business
**The target business or businesses that Denali acquires must collectively have a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in, and taxes payable on, the income earned on the Trust Account) at the time of the execution of a definitive agreement for Denali’s initial business combination. The Denali Board considered the opinion delivered by CB Capital to the effect that, as of the date of the opinion, and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review undertaken and qualifications contained in the opinion, the valuation range for the acquired assets referenced therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, that the Business Combination is a fair one, and accordingly that Semnur has a fair market value equal to at least eighty percent (80%) of the balance of funds in the Trust Account (excluding deferred underwriting commissions and taxes payable). As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. Holders of Denali Ordinary Shares and other potential