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Denali Capital Acquisition Corp. (DECA0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Denali's status as a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
Denali completed its initial public offering on April 11, 2022, generating gross proceeds of $82.5 million, with a total of $84.15 million placed in a trust account.
The company has not yet engaged in any operations or generated any revenue, and it continues to seek a suitable target for a business combination.
Denali has entered into an agreement and plan of merger with Semnur Pharmaceuticals, Inc., a wholly-owned subsidiary of Scilex Holding Company, to effectuate a business combination.
The merger agreement includes the domestication of Denali as a Delaware corporation and the merger of Denali Merger Sub with Semnur, with Semnur continuing as the surviving entity.
Denali has extended the deadline to complete its initial business combination to April 11, 2025, with the possibility of further extensions.
The company has faced challenges in maintaining compliance with Nasdaq listing requirements, specifically regarding the minimum value of listed securities and total assets and revenue thresholds.
Denali has issued convertible promissory notes to fund its operations and extend the time available to complete a business combination.
The company has identified risks associated with its operations, including the potential inability to complete a business combination within the prescribed timeframe and the impact of geopolitical events on market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Denali Capital Acquisition Corp. annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.