Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 318

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 318
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 the Business Combination.

Between July 15, 2024 and August 14, 2024, additional conversations took place between Denali and Semnur on an ad hoc basis. During this time period, Semnur provided financial projections on both a base case scenario and a best case scenario for the Denali Board’s consideration. CB Capital evaluated such projections and performed a sensitivity analysis to see how projected results would change if certain assumptions were changed. Also during this time period, the parties had informal discussions regarding the potential valuation for Semnur and although no final valuation was determined, based on such discussions Semnur believed a valuation in the range of $2.0 billion to $3.0 billion was appropriate and Denali agreed to seek a fairness opinion regarding such valuation.

On July 16, 2024, a US Tiger representative, as advisor to Denali, conducted an onsite visit at Semnur’s principal offices. The Semnur management gave a comprehensive overview of the company, its offices and respective members of the Semnur team and conducted a presentation regarding Semnur’s SP-102 prototype candidate.

On July 16, 2024, the Project Manager of Denali spoke with Mr. Ma regarding Semnur’s financial statements for the fiscal year ended December 31, 2023.

On July 17, 2024, Semnur provided Denali with an initial draft of the Merger Agreement. Over the subsequent weeks, until execution of definitive agreements on August 30, 2024, additional conversations regarding due diligence and details of the definitive agreements took place between Denali and Semnur on an ad-hoc basis.

On July 25, 2024, Semnur provided unaudited financial statements to Denali and representatives of Denali and Semnur met to discuss the progress of the audit of Semnur’s financial statements and the preparation of the pro forma financial statements that would to be included in the registration statement to be filed in connection with the proposed Business Combination.

During July and August 2024, Mr. Shah and Mr. Ma of Semnur had several calls with Mr. Xu and Mr. Huang of Denali to discuss the treatment of the intercompany debt between Scilex, on the one hand, and Semnur, on the other hand, and how such debt could be reduced. The approach discussed was to have (i) Scilex contribute the outstanding indebtedness to Semnur in exchange for the issuance by Sem