Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 321

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 321
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 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 are encouraged to read the entire opinion carefully and in its entirety. CB Capital’s opinion was rendered for the benefit of the Denali Board, in its capacity as such, and addressed only the 180

valuation range of the acquired Semnur assets from a financial point of view and from a financial point of view that the Business Combination is a fair one, in each case as of the date of the opinion. CB Capital’s opinion did not address Denali’s underlying business decision to pursue the Business Combination, the relative merits of the Business Combination as compared to any alternative business strategies that might exist for Denali or the effects of any other transactions in which Denali might engage. CB Capital did not express any opinion as to the price or range of prices at which the Denali Ordinary Shares might trade subsequent to announcement of the Business