Semnur and Denali enter into a letter of intent for proposed business combination

Semnur Prescription drugs, an entirely owned subsidiary of Scilex Holding Firm (NASDAQ:SCLX) and Denali Capital Acquisition (NASDAQ:DECA), a particular goal acquisition firm, on Tuesday entered right into a letter of intent for a proposed enterprise mixture, which supplies for a pre-transaction fairness worth of Semnur as much as $2B, with anticipated gross proceeds of as much as $40M relying on the variety of SPAC shares which can be redeemed earlier than the completion of the enterprise mixture. Semnur is a clinical-late stage specialty pharmaceutical firm targeted on the event and commercialization of a novel non-opioid ache therapies. The letter of intent contemplates the mixed firm altering its title to Semnur Prescription drugs and being led by Scilex and Semnur’s present administration workforce. Assuming the SPAC and Semnur enter into the proposed Merger Settlement within the close to time period, the events anticipate searching for approval from the SPAC’s shareholders within the second half of 2024. SCLX +4.14% after hours to $2.01. Supply: Press Launch