Semnur Eyes Potential $2.5B Acquisition of SP-102 as Business Combination with Denali Nears

• Semnur is currently in discussions regarding strategic regional and/or worldwide collaborations and potential outright acquisition of SP-102. Any such transactions may have the potential to provide value in excess of $2.5 billion after the proposed business combination (the "Business Combination") with Denali Capital Acquisition Corp. (NASDAQ:DECA, the "SPAC"))))).
• Based on an independent market research conducted by Syneos Health Consulting ("Syneos"), with the substantial intent in utilization for SP-102 (SEMDEXA™) with peak sales potential projected to reach $3.6 billion annually in the 5th year post launch of SP-102.
• Semnur Pharmaceuticals, Inc. ("Semnur"), a wholly owned subsidiary of Scilex Holding Company (NASDAQ:SCLX, "Scilex"))))) announced that it anticipates the filing of a Registration Statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") before the end of October 2024 for the previously announced proposed Business Combination with Denali Capital Acquisition Corp. (NASDAQ:DECA, the "SPAC"))))), which provides for a pre-transaction equity value of Semnur of $2.5 billion.
• The closing of the Business Combination is expected to occur by the end of fourth quarter of 2024 or the first quarter of 2025.
• As previously disclosed, the Board of Directors of Scilex approved a resolution to authorize a potential dividend of up to 10% of Scilex's ownership interest in Semnur to Scilex shareholders, subject to registration statement of Semnur on file with the SEC.  These shares will be freely tradable upon exchanging to Denali common shares after Business Combination.
• Scilex will set a record date for the dividend shares after Semnur registration statement on file with SEC.  

PALO ALTO, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- Scilex Holding Company (NASDAQ:SCLX, "Scilex" or "Company"))))), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, today announced that it anticipates the filing of the Registration Statement with the SEC before the end of October 2024 relating to the previously announced proposed Business Combination with Denali Capital Acquisition Corp. (NASDAQ:DECA) for a pre-transaction equity value of $2.5 billion which transaction is expected to occur by the end of fourth quarter of 2024 or the first quarter of 2025.