Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 308

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 308
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 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, Suresh Khemani, Senior Vice President of Scilex, Dr. Dmitri Lissin, Chief Marketing Officer of Scilex, Gigi DeGuzman, Head of Human Resources of Scilex, Dr. Suketu Desai, Chief Technical Officer of Scilex and Steve Lincoln, Scilex’s General Counsel and Chief Compliance Officer, and discussed details of Semnur’s business. Each executive member explained his or her functional responsibilities and how he or she will continue to support Semnur following the Business Combination.

Between July 15, 2024 and August 14, 2024, additional conversations took place between Denali and Semnur on an ad hoc basis. During this time period, Semnur provided financial projections on both a base case scenario and a best case scenario for the Denali Board’s consideration. CB Capital evaluated such projections and performed a sensitivity analysis to see how projected results would change if certain assumptions were changed. Also during this time period, the parties had informal discussions regarding the potential valuation for Semnur and although no final valuation was determined, based on such discussions Semnur believed a valuation in the range of $2.0 billion to $3.0 billion was appropriate and Denali agreed to seek a fairness opinion regarding such valuation.

On July 16, 2024, a US Tiger representative, as advisor to Denali, conducted an onsite visit at Semnur’s principal offices. The Semnur management gave a comprehensive overview of the company, its offices and respective members of the Semnur team and conducted a presentation regarding Semnur’s SP-102 prototype candidate.

On July 16, 2024, the Project Manager of Denali spoke with Mr. Ma regarding Semnur’s financial statements for the fiscal year ended December 31, 2023.

On July 17, 2024, Semnur provided Denali with an initial draft of the Merger Agreement. Over the subsequent weeks, until execution of definitive agreements on August 30, 2024, additional conversations regarding due diligence and details of the definitive agreements took place between