Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 324

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 324
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 trust level of approximately $12.18 per share which will benefit the shareholders. |     | For non-redeeming shareholders the risk is that the market will not support the valuation of New Semnur either as a result of the general market downturn or risks specific to New Semnur. In this case, the stock price may be reasonably expected to trade below the trust value of approximately $12.18. If this scenario were to materialize, the public shareholders would have been better off redeeming rather than holding the stock post Business Combination. |

Opinion of CB Capital Denali retained CB Capital to provide financial advisory services and a financial opinion in connection with the Business Combination of Denali and Semnur. The Denali Board selected CB Capital to act as Denali’s financial advisor based on CB Capital’s qualifications, years of investment banking expertise and reputation, relevant healthcare transaction experience, and its knowledge and understanding of Denali’s business and affairs. There has been no material relationship between CB Capital and either Denali or Semnur in the past two years, or in any preceding period. Denali instructed that CB Capital render a valuation report as to the valuation, from a financial point of view of Semnur’s drug asset, SP-102, in connection with a potential transaction. In addition, the instructions requested that the opinion be delivered in writing at the request of Denali’s management and the Denali Board. In addition, there were no limitations placed on CB Capital regarding the scope of activities concerning the opinion. At the meeting of the Denali Board on August 15, 2024, CB Capital rendered to the Denali Board its oral opinion, subsequently confirmed in writing, that as of August 14, 2024, and based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of review undertaken by CB Capital, as set forth in its written opinion, the valuation range of the acquired Semnur assets, from a financial point of view, was between $2.001 billion and $2.554 billion, and from a financial point of view, the Business Combination is a fair one. The full text of the written opinion of CB Capital, dated as of August 14, 2024, which sets forth, among other things, the various assumptions made, procedures followed, matters considered, and qualifications and limitations on the scope of the review undertaken by CB Capital in rendering its opinion, is attached as Annex Hto this proxy statement/prospectus. You