Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 324

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 324
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 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 181

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 Combination, or prices or range of prices at which the shares of the Denali Ordinary Shares, or New Semnur Common Stock will trade after the consummation of the Business Combination. CB Capital does not provide any legal or other advice regarding the Business Combination or any possible alternatives to the transaction. In connection with its opinion, among other things, CB Capital has:

| (i) | relied on representations of members of the management of Denali, that the financial terms of the Business Combination have been set as described above; |

| (ii) | held conference calls with certain members of the management of Denali, to discuss the transaction and related matters, including Denali’s assets, business and operations, Denali’s strategic plans for Semnur’s asset portfolio, and projections for Semnur’s asset portfolio; |

| (iii) | reviewed research and technical documents provided by Denali relating to the business and prospects of Semnur’s asset portfolio; |

| (iv) | reviewed certain marketing materials provided to