Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 315

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 315
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 management to discuss progress on its due diligence review of Semnur and next steps.

Subsequent to this call, the Denali team reviewed the updated financial information provided by Semnur and determined to proceed with a letter of intent.

On June 23, 2024, Semnur sent Denali a draft letter of intent (the “LOI”) regarding a potential business combination of the two companies, with a proposed pre-money valuation of Semnur of up to $2.0 billion, subject to adjustment based on a third-party fairness opinion.

On June 26, 2024, pursuant to Section 11.1(a) of the Longevity Merger Agreement, the parties entered into the Termination Agreement, as they mutually believed that the Longevity Business Combination was not in the best interest of the shareholders of each of Denali and Longevity given the projected financial condition of the combined company following the closing of the Longevity Transactions. Pursuant to the Termination Agreement, the Longevity Merger Agreement was terminated effective as of the date thereof. As a result of the Termination Agreement, the Longevity Merger Agreement is of no further force and effect (other than certain customary limited provisions that survive the termination pursuant to the terms of the Longevity Merger Agreement) and ancillary agreements entered into in connection with the Longevity Merger Agreement will also automatically terminate in accordance with their respective terms.

In evaluating potential businesses and assets for Denali to acquire, subsequent to the consummation of the IPO and termination of the Longevity Merger Agreement, Denali and the Sponsor surveyed the landscape of potential acquisition opportunities based on their knowledge of, and familiarity with, the mergers and acquisitions marketplace by going back and reviewing the potential targets considered prior to entering the Longevity Merger Agreement. As an underwriter of the IPO, US Tiger is owed a portion of the $2,887,500 deferred underwriting commission, which is payable only upon completion of a business combination in the form of cash and New Semnur Common Stock. US Tiger is not owed any other fees from Denali that are contingent upon the completion of the Business Combination.

In the process that led to identifying Semnur as an attractive investment opportunity, Denali’s management team identified six potential target companies (including Semnur, and five of which were reviewed in connection with entering into the Longevity Merger Agreement) across various industries.

As part of this process, Denali identified certain general, non-exclusive criteria and guidelines that it believed were