Denali Capital SPAC signs LOI to combine with Semnur Pharma at up to $2B valuation

Semnur Pharmaceuticals, Inc.

Pre-transaction equity value of Semnur up to $2.0B, subject to third-party fairness opinion adjustment.
Expected cash on hand at closing up to $40M depending on SPAC share redemptions.
Combined company to focus on SP-102 (SEMDEXA), a non-opioid epidural gel for sciatica with FDA Fast Track status.
Scilex Holding (Nasdaq: SCLX) expected to be majority holder of the combined company.
Parties anticipate seeking SPAC shareholder approval in second half of 2024; no definitive agreement yet.

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