Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 311

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 311
---
 parent company, Scilex, is approximately $41.8 million, as of April 18, 2025. See the section titled “Proposal 1 — The Business Combination Proposal — Certain Semnur Projected Financial Information.”

On August 30, 2024, the Semnur Board unanimously approved the Merger Agreement and the related definitive transaction documents, including the Debt Exchange Agreement, the Stockholder Agreement, the Sponsor Interest Purchase Agreement (pursuant to which the Sponsor sold 500,000 Denali Class B Ordinary Shares to Scilex), the Company Stockholder Support Agreement and the Sponsor Support Agreement, in each case, including the transactions contemplated thereby.

<div align='center'>175</div>

On August 30, 2024, the Scilex Board unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Business Combination. On August 30, 2024, the definitive agreements were signed, and on September 3, 2024, the parties issued a press release to announce the entry into the definitive agreements, which Denali filed concurrently in a Current Report on Form 8-Kwith the SEC. On January 9, 2025, Paul Hastings provided W&S with draft of the Merger Agreement Amendment and over the next three months discussions regarding the same took place between Semnur, Denali, Paul Hastings and W&S on an ad-hoc basis regarding such amendment and related matters. On April 16, 2025, Denali, Semnur and Merger Sub entered into the Merger Agreement Amendment. Benefits and Detriments of the Business Combination

| Stakeholder                   |     | Benefits                                                                                                                                                                                                          |     | Detriments                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Denali                        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with Semnur.                                                                                                                                                                                                                          |
| Sponsor and Affiliates        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/