Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 315

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 315
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 Management teams of both Denali and Semnur, which resulted in the determination of the base case financial projections utilized in the valuation Report. Upon the review of the final opinion, Denali’s Management team determined that Semnur’s base case projections represented the most likely future performance for Semnur. CB Capital did not independently verify the accuracy or completeness of any of the information provided to it or obtained by it from publicly available sources and does not take any responsibility with respect to any such information. CB Capital did not make an independent valuation or appraisal of the assets in consideration and was not furnished with any such recent valuations or appraisals. CB Capital also assumed that the transaction will be consummated in a timely manner without any regulatory limitations, restrictions, conditions, amendments, or modifications that collectively would have an adverse effect on the business prospects and projections concerning Semnur’s asset portfolio and that there was no material change in the business, condition or prospects of Semnur’s asset portfolio since the respective dates of the information provided to CB Capital.

The issuance of CB Capital’s opinion was approved by an authorized internal committee of CB Capital. CB Capital’s opinion is necessarily based on economic, market, and other conditions, and the information made available to it, as of the date thereof. It should be understood that, although subsequent developments may affect CB Capital’s opinion, CB Capital does not intend to update or revise its opinion based on circumstances or events occurring after the date of its opinion letter.

CB Capital’s opinion was only one of many factors considered by the Denali Board in evaluating the proposed Business Combination. Neither CB Capital’s opinion nor its analyses were determinative of the transaction consideration or the views of the Denali Board, or Denali’s management with respect to any determinations made regarding the Transaction or the transaction consideration.

The following represents a brief summary of the material financial analyses reviewed by the Denali Board and performed by CB Capital in connection with its opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses performed by CB Capital, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by CB Capital. Considering the data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by CB Capital.

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Financial Analyses CB Capital