[Form 3] Denali Capital Acquisition Corp. Initial Statement of Beneficial Ownership
Stephen Ma, Chief Financial Officer, Senior Vice President and Secretary of Semnur Pharmaceuticals, filed an initial Form 3 reporting a direct stock option to buy 2,500,000 shares of Denali Capital Acquisition Corp. (ticker shown as SMNR in the filing). The option has a $1.27 exercise price and a term expiring 08/30/2034. The option vests monthly (1/48th per month) and became exercisable in connection with the completed business combination and option exchange approved by shareholders, but exercisability and attendant rights are suspended while a Senior Secured Promissory Note issued by Scilex Holding Company to Oramed Pharmaceuticals remains unpaid. The filing identifies the reporting person’s officer role and includes a signed power of attorney.
Stephen Ma, Chief Financial Officer, Senior Vice President e Segretario di Semnur Pharmaceuticals, ha inoltrato il modulo iniziale Form 3 indicando una stock option diretta per l'acquisto di 2.500.000 azioni di Denali Capital Acquisition Corp. (ticker SMNR). Il prezzo di esercizio è di $1,27 e la scadenza è 30/08/2034. L'opzione matura mensilmente (1/48 al mese) ed è diventata esercitabile in concomitanza con la fusione commerciale completata e lo scambio di opzioni approvati dagli azionisti; tuttavia, l’esercitabilità e i diritti associati sono sospesi finché resta inadempiuta una Senior Secured Promissory Note emessa da Scilex Holding Company verso Oramed Pharmaceuticals. La comunicazione individua il ruolo dell’officer riportante e comprende una procura firmata.
Stephen Ma, Director financiero, vicepresidente senior y secretario de Semnur Pharmaceuticals, presentó el Formulario 3 inicial reportando una opción de compra directa de 2.500.000 acciones de Denali Capital Acquisition Corp. (ticker SMNR). El precio de ejercicio es de $1,27 y la fecha de vencimiento es 30/08/2034. La opción se consolida mensualmente (1/48 por mes) y se volvió ejercitable en relación con la fusión de negocios completada y el intercambio de opciones aprobado por los accionistas; sin embargo, la ejercitabilidad y los derechos correspondientes quedan suspendidos mientras permanezca impaga una Senior Secured Promissory Note emitida por Scilex Holding Company a Oramed Pharmaceuticals. El informe identifica el cargo del informante y incluye un poder notarial firmado.
Stephen Ma, Semnur Pharmaceuticals의 최고재무책임자(CFO), 수석 부사장 겸 비서가 최초 Form 3를 제출하여 Denali Capital Acquisition Corp.의 2,500,000주의 직접 주식매수선택권을 보고했습니다(거래 코드 SMNR). 행사 가격은 $1.27, 만료일은 2034-08-30 입니다. 이 옵션은 매월 vesting되며(월 1/48), 주주가 승인한 사업 결합 및 옵션 교환과 관련해 완료 시점에 행사 가능하게 되었으나, Scilex Holding Company가 Oramed Pharmaceuticals에 발행한 Senior Secured Promissory Note가 아직 미상환 상태인 동안은 행사 가능성과 관련 권리가 보류됩니다. 보고서는 피보고자의 직위를 명시하고 서명된 위임장을 포함합니다.
Stephen Ma, directeur financier, vice-président exécutif et secrétaire de Semnur Pharmaceuticals, a déposé le Formulaire 3 initial signalant une option d’achat directe pour l’acquisition de 2 500 000 actions de Denali Capital Acquisition Corp. (ticker SMNR). Le prix d’exercice est de 1,27 USD et la date d’expiration est 30/08/2034. L’option se consolide mensuellement (1/48 par mois) et est devenue exerçable dans le cadre de la fusion commerciale terminée et de l’échange d’options approuvés par les actionnaires, mais l’exercisabilité et les droits associés sont suspendus tant qu’une Senior Secured Promissory Note émise par Scilex Holding Company à Oramed Pharmaceuticals demeure impayée. Le document précise le rôle de la personne déclarante et inclut une procuration signée.
Stephen Ma, Finanzvorstand, Senior Vice President und Sekretär von Semnur Pharmaceuticals, hat das initiale Formular 3 eingereicht und eine direkte Aktienoption zum Kauf von 2.500.000 Aktien der Denali Capital Acquisition Corp. (Ticker SMNR) gemeldet. Der Ausübungspreis beträgt 1,27 USD, die Laufzeit endet am 30.08.2034. Die Option vestet monatlich (1/48 pro Monat) und wurde im Zusammenhang mit der abgeschlossenen Geschäftskombination und dem von den Aktionären genehmigten Optionsaustausch exercisierbar, aber Ausübbarkeit und damit verbundene Rechte bleiben ausgesetzt, solange eine von Scilex Holding Company an Oramed Pharmaceuticals ausgegebene Senior Secured Promissory Note unbezahlt bleibt. Die Meldung benennt die Position der meldenden Person und enthält eine unterschriebene Vollmacht.
Stephen Ma، المدير المالي ونائب الرئيس الأول والأمين في Semnur Pharmaceuticals، قد قدّم النمودج الأول 3 محققًا خيارًا مباشرًا لشراء 2,500,000 سهم من Denali Capital Acquisition Corp. (رمز التداول SMNR). سعر الإضراب $1.27 وتاريخ الانتهاء 30/08/2034. يصبح الخيار قابلاً للتنفيذ شهريًا (1/48 في الشهر) وها هو قابلاً للممارسة فيما يتصل بإتمام الدمج التجاري وتبادل الخيارات المعتمَد من قبل المساهمين، لكن قابلية الممارسة والحقوق المرتبطة به معلّقة حتى يبقى ساند Senior Secured Promissory Note الصادر عن Scilex Holding Company إلى Oramed Pharmaceuticals غير مدفوع. يحدد التقرير دور الموظف المبلغ ويشمل توكيلاً موقعًا.
Stephen Ma，Semnur Pharmaceuticals 的首席财务官、高级副总裁兼秘书，提交了初始 Form 3，报告了对 Denali Capital Acquisition Corp.（代码 SMNR）的 2,500,000 股直接股票期权。行使价为 $1.27，到期日为 2034-08-30。该期权按月归属（每月 1/48），在经股东批准完成的业务合并及期权交换后具备行使权；但在 Scilex Holding Company 对 Oramed Pharmaceuticals 发行的 Senior Secured Promissory Note 未偿付期间，行使能力及相关权利将被暂停。报告还明确了申报人职务，并包含一份签署的授权书。
- Transparent disclosure of insider ownership and option terms filed promptly on Form 3
- Material option size (2,500,000 shares) disclosed, allowing investors to model potential dilution
- Clear vesting schedule (1/48th monthly) provides predictable timeline for future exercisability absent restrictions
- Exercisability and rights are suspended until a Senior Secured Promissory Note is paid in full, limiting immediate shareholder impact
- Contingent dilution risk exists because the option could convert into common shares if conditions are met
- Link to controlling stockholder indebtedness (Scilex Holding Company’s note to Oramed) creates uncertainty about timing and triggers
Insights
TL;DR: Large option grant disclosed; exercisability constrained by outstanding debt tied to a controlling stockholder.
The filing reports a substantial 2.5 million-share option with a low exercise price of $1.27, which could meaningfully dilute equity upon exercise if converted into common stock. Vesting is scheduled monthly (1/48th), so economic exposure will accumulate steadily. However, explicit suspension of exercisability, voting rights and dividend participation until the referenced promissory note is paid in full materially limits near-term conversion and shareholder influence. For valuation or ownership analyses, treat the option as contingent until the debt condition is resolved.
TL;DR: Transparent Section 16 disclosure of insider option; governance impact muted by contractual restrictions tied to third-party note.
The Form 3 provides clear disclosure of the reporting person’s officer role and a direct option position. Crucially, the filing states that until the senior secured promissory note is paid in full, the option lacks exercisability, voting rights and dividend participation. That limitation reduces immediate governance risk from this insider’s position but creates a contingent governance interest that could activate if the note is satisfied. Investors should note the linkage between a controlling stockholder’s indebtedness and potential future shifts in ownership and control.
Stephen Ma, Chief Financial Officer, Senior Vice President e Segretario di Semnur Pharmaceuticals, ha inoltrato il modulo iniziale Form 3 indicando una stock option diretta per l'acquisto di 2.500.000 azioni di Denali Capital Acquisition Corp. (ticker SMNR). Il prezzo di esercizio è di $1,27 e la scadenza è 30/08/2034. L'opzione matura mensilmente (1/48 al mese) ed è diventata esercitabile in concomitanza con la fusione commerciale completata e lo scambio di opzioni approvati dagli azionisti; tuttavia, l’esercitabilità e i diritti associati sono sospesi finché resta inadempiuta una Senior Secured Promissory Note emessa da Scilex Holding Company verso Oramed Pharmaceuticals. La comunicazione individua il ruolo dell’officer riportante e comprende una procura firmata.
Stephen Ma, Director financiero, vicepresidente senior y secretario de Semnur Pharmaceuticals, presentó el Formulario 3 inicial reportando una opción de compra directa de 2.500.000 acciones de Denali Capital Acquisition Corp. (ticker SMNR). El precio de ejercicio es de $1,27 y la fecha de vencimiento es 30/08/2034. La opción se consolida mensualmente (1/48 por mes) y se volvió ejercitable en relación con la fusión de negocios completada y el intercambio de opciones aprobado por los accionistas; sin embargo, la ejercitabilidad y los derechos correspondientes quedan suspendidos mientras permanezca impaga una Senior Secured Promissory Note emitida por Scilex Holding Company a Oramed Pharmaceuticals. El informe identifica el cargo del informante y incluye un poder notarial firmado.
Stephen Ma, Semnur Pharmaceuticals의 최고재무책임자(CFO), 수석 부사장 겸 비서가 최초 Form 3를 제출하여 Denali Capital Acquisition Corp.의 2,500,000주의 직접 주식매수선택권을 보고했습니다(거래 코드 SMNR). 행사 가격은 $1.27, 만료일은 2034-08-30 입니다. 이 옵션은 매월 vesting되며(월 1/48), 주주가 승인한 사업 결합 및 옵션 교환과 관련해 완료 시점에 행사 가능하게 되었으나, Scilex Holding Company가 Oramed Pharmaceuticals에 발행한 Senior Secured Promissory Note가 아직 미상환 상태인 동안은 행사 가능성과 관련 권리가 보류됩니다. 보고서는 피보고자의 직위를 명시하고 서명된 위임장을 포함합니다.
Stephen Ma, directeur financier, vice-président exécutif et secrétaire de Semnur Pharmaceuticals, a déposé le Formulaire 3 initial signalant une option d’achat directe pour l’acquisition de 2 500 000 actions de Denali Capital Acquisition Corp. (ticker SMNR). Le prix d’exercice est de 1,27 USD et la date d’expiration est 30/08/2034. L’option se consolide mensuellement (1/48 par mois) et est devenue exerçable dans le cadre de la fusion commerciale terminée et de l’échange d’options approuvés par les actionnaires, mais l’exercisabilité et les droits associés sont suspendus tant qu’une Senior Secured Promissory Note émise par Scilex Holding Company à Oramed Pharmaceuticals demeure impayée. Le document précise le rôle de la personne déclarante et inclut une procuration signée.
Stephen Ma, Finanzvorstand, Senior Vice President und Sekretär von Semnur Pharmaceuticals, hat das initiale Formular 3 eingereicht und eine direkte Aktienoption zum Kauf von 2.500.000 Aktien der Denali Capital Acquisition Corp. (Ticker SMNR) gemeldet. Der Ausübungspreis beträgt 1,27 USD, die Laufzeit endet am 30.08.2034. Die Option vestet monatlich (1/48 pro Monat) und wurde im Zusammenhang mit der abgeschlossenen Geschäftskombination und dem von den Aktionären genehmigten Optionsaustausch exercisierbar, aber Ausübbarkeit und damit verbundene Rechte bleiben ausgesetzt, solange eine von Scilex Holding Company an Oramed Pharmaceuticals ausgegebene Senior Secured Promissory Note unbezahlt bleibt. Die Meldung benennt die Position der meldenden Person und enthält eine unterschriebene Vollmacht.
FAQ
What did Stephen Ma disclose on the Form 3 for DNQWF (Denali Capital Acquisition Corp.)?
Is Stephen Ma currently able to exercise the reported option?
What restriction ties the option to third-party obligations?
How does the vesting schedule work for the option disclosed?
Who signed the Form 3 and when was it filed?
