Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 341

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 341
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ence. Denali’s management and external advisors conducted significant due diligence investigations of Semnur. This included detailed commercial, financial and tax due diligence reviews including market research and meetings and calls with Semnur’s management regarding Semnur’s business model, operations and forecasts. As part of its evaluation of Semnur, Denali’s Board and management also considered the financial profiles of publicly traded companies in the same and adjacent sectors. |

| • |     | Reasonableness of Merger Consideration. Following a review of the financial data provided to Denali, including the historical financial statements of Semnur and certain unaudited projected financial information discussed in the section titled “Proposal 1 — The Business Combination Proposal — Certain Semnur Projected Financial Information” and Denali’s due diligence review and financial and valuation analyses of Semnur, the Denali Board determined the transaction consideration was reasonable in light of such data and financial information. The Denali Board applied a discount to (i) the estimated range implied by the risk-adjusted net asset valuation performed by CB Capital, (ii) the estimated range implied by the cost approach valuation performed by CB Capital and (iii) the estimated range implied by the discounted cash flow valuation performed by CB Capital. For more information, See “Proposal 1 — The Business Combination Proposal — Opinion of CB Capital.” |

| • |     | Fairness Opinion. The Denali Board considered the opinion delivered by CB Capital to the effect that, as of the date of the opinion, and subject to and based on the assumptions made, procedures followed, matters considered, limitations of review undertaken and qualifications contained in the opinion, the Business Combination was fair from a financial point of view. |

| • |     | Other Alternatives. After a review of other business combination opportunities reasonably available to Denali, the Denali Board believes that the proposed Business Combination represents the best potential business combination for Denali and the most attractive opportunity for Denali’s shareholders based upon the process utilized to evaluate and assess other potential acquisition targets. |

| • |     | Negotiated Transaction. The terms and conditions of the Merger Agreement and the related agreements and the transactions contemplated thereby, each party’s representations, warranties and covenants, the conditions to each party’s obligation to consummate the Business Combination and the termination provisions, were the product of arm’s length negotiations, and, in the view of the Den