Denali SPAC enters $2.5B stock merger with Semnur Pharmaceuticals

Semnur Pharmaceuticals, Inc.

Equity value of $2.5B; consideration payable in Denali (New Semnur) common shares.
Scilex (Semnur parent) buys 500k Denali Class B shares for $2M cash and 300k Scilex shares.
Closing targeted for Q1 2025; subject to shareholder vote, HSR clearance, Nasdaq listing.
Sponsor and directors commit to vote for deal; Scilex signs stockholder support agreement.
Post-closing, Denali renamed Semnur Pharma; Scilex gets board designation rights.

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