Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 1080

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 1080
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 to the Company’s asset portfolio were reasonably prepared based on assumptions reflecting the best currently available estimates and good-faith judgments of management teams of DECA as to the most likely future performance of the Company’s asset portfolio and that the management team of DECA do not have any information or belief that would make any such projections incomplete or misleading. We have not independently verified the accuracy or completeness of any of the information provided to us or obtained by us from publicly available sources and do not take any responsibility with respect to any such information. We have not made an independent valuation or appraisal of the assets in consideration and have not been furnished with any such recent valuations or appraisals. We have also assumed that the transaction will be consummated in a timely manner without any regulatory limitations, restrictions, conditions, amendments, or modifications that collectively would have an adverse effect on the business prospects and projections concerning the Company’s asset portfolio and that there has been no material change in the business, condition or prospects of the Company’s asset portfolio since the respective dates of the information provided to us. We do not express any opinion as to the price or range of prices at which the Denali Capital Acquisition Corp. Ordinary Shares might trade subsequent to announcement of the Merger or prices or range of prices at which the shares of the Denali Capital Acquisition Corp. Ordinary Shares, or post-merged Stock will trade after consummation of the Merger. Makamer, Inc. (“Makamer”) and their affiliate CB Capital Partners (“CB Capital”) may be engaged by DECA to provide certain investment banking and financial advisory services for which we received our customary fees. In the ordinary course of business, Makamer and CB Capital and/or its Broker-Dealer might actively trade the securities of that of DECA, post-merged Semnur Common Stock, for our own account and for the account of our customers and, accordingly, might at any time hold a long or short position in those securities. We have not been requested to, and did not, solicit third-party indications of interest in acquiring all or any portion of the stock DECA. Furthermore, we have not participated in the negotiation of the transaction, provided any legal or other advice regarding the transaction or advised you with respect to any possible alternatives to the transaction. This opinion of value does not constitute a recommendation to DECA or any holders of ordinary shares of DECA as to how to pursue the transaction. This opinion of value does not address DECA’s underlying business decision to pursue the Transaction, the relative merits of