Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 1077

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 1077
---
 our customers and, accordingly, might at any time hold a long or short position in those securities. We have not been requested to, and did not, solicit third-party indications of interest in acquiring all or any portion of the stock DECA. Furthermore, we have not participated in the negotiation of the transaction, provided any legal or other advice regarding the transaction or advised you with respect to any possible alternatives to the transaction. This opinion of value does not constitute a recommendation to DECA or any holders of ordinary shares of DECA as to how to pursue the transaction. This opinion of value does not address DECA’s underlying business decision to pursue the Transaction, the relative merits of the transaction as compared to any alternative business strategies that might exist for DECA or the effects of any other transaction in which DECA might engage. Our opinion is subject to the assumptions and conditions contained in this letter and is necessarily based on economic, market, and other conditions, and the information made available to us, as of the date of this letter. We assume no responsibility, and do not intend, to update or revise our opinion based on circumstances or events occurring after the date of this letter. H-3

Based upon and subject to the foregoing, as of August 14, 2024, we have arrived at the following valuation range for the aforementioned acquired assets, from a financial point of view, of between $2.001 B and $2.554 B, and from a financial point of view, the Transaction is a fair one. Very truly yours,

| MAKAMER, INC. |     | CB CAPITAL PARTNERS, INC. |

H-4

<div align='center'>[RESALE PROSPECTUS ALTERNATE PAGE]</div>

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

PRELIMINARY — SUBJECT TO COMPLETION, DATED JULY 23, 2025

<div align='center'>**PROSPECTUS FOR UP TO 201,118,000 SHARES OF COMMON STOCK

OF

DENALI CAPITAL ACQUISITION CORP.

(AFTER ITS DOMESTICATION AS A CORPORATION INCORPORATED IN THE STATE OF DELAWARE), WHICH WILL BE REN