Scilex to file SEC registration statement for Denali Capital combination

Scilex (SCLX) announced that it anticipates the filing of the registration statement with the SEC before the end of October relating to the previously announced proposed business combination with Denali Capital Acquisition (DECA) for a pre-transaction equity value of $2.5B which transaction is expected to occur by the end of fourth quarter of 2024 or the first quarter of 2025. 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 $2.5B after the proposed business combination with Denali Capital Acquisition. Based on independent market research conducted by Syneos Health, with the substantial intent in utilization for SP-102 with peak sales potential projected to reach $3.6B annually in the 5th year post launch of SP-102. 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.