Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 63

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 63
---
% of New Semnur in the form of New Semnur Series A Preferred Stock, which 18

will give Scilex 77.9% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will still be the single largest stockholder of New Semnur following the closing of the Business Combination. As noted above, the Scilex Board has not yet set a payment date for the Scilex Dividend and the Scilex Board has the right to change such Scilex Record Date and to revoke the payment of the Scilex Dividend at any time prior to the payment date.

| Q: | What happens if a substantial number of Denali public shareholders vote in favor of the Business Combination proposal and all of the Denali public shareholders exercise their redemption rights? |

| A: | Denali public shareholders may vote in favor of the Business Combination and still exercise their redemption rights. Accordingly, subject to the satisfaction of the closing conditions set forth in the Merger Agreement (described elsewhere in this proxy statement/prospectus), the Business Combination may be consummated even though the funds available from the Trust Account and the number of Denali public shareholders are reduced as a result of redemptions by the Denali public shareholders. |

| Q: | Did the Denali Board obtain a third-party valuation or fairness opinion in determining whether to proceed with the Business Combination? |

| A: | Yes. On July 8, 2024, the audit committee of the Denali Board (the “Denali Audit Committee”) retained CB Capital Partners, Inc. (“CB Capital”) to conduct an analysis of the Business Combination and to provide an opinion as to the valuation range for the acquired assets and whether the Business Combination was fair, from a financial point of view. On August 30, 2024, the Denali Board (solely in such capacity) obtained an opinion from CB Capital to the effect that, as of that date and subject to the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by CB Capital as set forth in its written opinion, the valuation range for the acquired assets, from a financial point of view, was between $2.001 billion and $2.554 billion, and the Business Combination was fair, from a financial point of view. See the section titled “Proposal 1 — The Business Combination Proposal — Opinion of CB Capital”