Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 261

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 261
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ali Board were aware of and considered these interests when approving the Merger Agreement and recommending that Denali shareholders approve the Business Combination. The members of the Denali Board determined that the overall benefits expected to be received by Denali and its shareholders outweighed any potential risk created by the conflicts stemming from these interests. In consideration of the interests set forth below, Denali’s directors and officers also engaged CB Capital, which rendered an opinion with respect to the valuation range for the acquired assets referenced therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, that the Business Combination is a fair one, which the members of the Denali Board factored into their decision to approve the Merger Agreement. As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. You should be aware that the current market capitalization of Semnur’s parent company, Scilex, is approximately $61.6 million, as of July 18, 2025. For more information regarding the opinion, see the section titled “Proposal 1—The Business Combination Proposal—Opinion of CB Capital.” Additionally, the members of the Denali Board determined that these interests could be adequately disclosed to shareholders in this proxy statement/prospectus and that Denali shareholders could take them into consideration when deciding whether to vote in favor of the proposals set forth herein. These interests include, among other things, the interests listed below:

Prior to Denali’s initial public offering, the Sponsor purchased 2,156,250 founder shares for an aggregate purchase price of $25,000, or approximately $0.012 per share, and Sponsor later (i) forfeited 93,750 founder shares and (ii) transferred 130,000 founder shares to Denali’s independent directors and Chief Financial Officer, resulting in an**

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aggregate 2,062,500 Denali Class B Ordinary Shares issued and outstanding, of which 1,932,500 were held by the Sponsor and 130,000 were held by Denali’s directors and executive officers. On August 30, 2024, Scilex paid the Cash Consideration under the Sponsor Interest Purchase Agreement, and on September 4, 2024, the Sponsor transferred 500,000 Denali Class B Ordinary Shares to Scilex. As a result of the transaction under the Sponsor Interest Purchase Agreement, the