---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-059541"
form_type: "8-K"
ticker: "SMNR"
cik: "0001913577"
company_name: "Semnur Pharmaceuticals, Inc."
filed_at: "2024-07-05T23:59:59+00:00"
generated_at: "2026-05-31T23:25:00.195812+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-24-059541
- form_type: 8-K
- ticker: SMNR
- cik: 0001913577
- company_name: Semnur Pharmaceuticals, Inc.
- filed_at: 2024-07-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1913577/000121390024059541/0001213900-24-059541-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1913577/000121390024059541/ea0208972-8k_denali.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-059541
- JSON: https://secwatch.observer/filing/0001213900-24-059541.json
- Plain text: https://secwatch.observer/filing/0001213900-24-059541.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.