Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 314

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 314
---
 decided to pursue alternative private financing arrangements to support its ongoing clinical trial developments at this time and discussions between the parties were terminated in September 2022. |

As a result, on June 30, 2024, Denali decided to enter into a non-disclosure agreement with Semnur, the terms of which were customary and did not contain standstill obligations. Semnur granted Denali access to its data room and Denali commenced due diligence on Semnur. Between June 23, 2024 and July 2, 2024, Denali and Semnur exchanged revised drafts of the LOI. On July 2, 2024, the board of directors of each of Scilex and Semnur approved and Semnur and Denali executed the LOI, which included a mutual agreement to exclusively negotiate a potential business combination transaction for a specified period of time. Also, on July 2, 2024, the execution of the LOI was publicly announced. On June 28, 2024, Denali’s management engaged Winston & Strawn LLP (“W&S”) to serve as its legal counsel for the proposed transaction with Semnur. 176

On July 8, 2024, the Denali Board engaged CB Capital to provide an evaluation of Semnur and issue a fairness opinion.

On July 9, 2024, representatives of Semnur and Denali, and their respective legal counsel, held a “kick-off” call to discuss certain process matters regarding completion of business due diligence, preparation of definitive transaction documents, legal due diligence, a potential financing, and related work streams, including the anticipated timeline for signing a business combination agreement. After this date, Semnur periodically updated the data room, in response to due diligence requests received from Denali.

Commencing July 9, 2024, representatives of Denali and Semnur met virtually on a weekly basis to discuss matters related to the proposed transaction, including due diligence.

On July 12, 2024, representatives of Paul Hastings LLP (“Paul Hastings”), counsel to Semnur, and W&S held a meeting to discuss certain transaction structuring and tax matters regarding the business combination agreement.

On July 15, 2024, a representative of US Tiger as Denali’s advisor, conducted a site visit to Scilex’s office in Palo Alto, California, where such US Tiger representative met with Scilex’s executive team, including Mr. Shah, Mr. Ma