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Scilex Holding Company reported board changes tied to a previously announced business combination involving its subsidiary Semnur Pharmaceuticals and Denali Capital Acquisition Corp. Directors Annu Navani and Jaisim Shah resigned on September 22, 2025, and the company stated their resignations were not due to disagreements over operations, policies or practices.
At the same time, Scilex entered into a Consulting Agreement with Inform LLC, an entity affiliated with Mr. Shah. Inform LLC will provide consulting services for five years for a $50,000 monthly fee. Following the resignations, the board size decreased from six to five directors, and Chief Financial Officer and Senior Vice President Stephen Ma was appointed to fill the resulting vacancy. The company noted Mr. Ma has no family relationships with other leaders and no related party transactions requiring disclosure.
Scilex Holding Co. and related reporting persons disclosed multiple dispositions of Semnur Pharmaceuticals, Inc. (SMNR) common stock executed under a Securities Purchase Agreement. The filing reports dispositions on 09/23/2025: a sale of 11,945,151 shares at a reported price of $16, an additional sale of 554,849 shares at $16, and indirect ownership reported of 6,250,000 shares by Scilex Bio, Inc. The filing shows an aggregate indirect beneficial ownership figure of 181,804,849 shares following one reported transaction. The purchase price for the transactions was stated to have been paid in Bitcoin based on the Coinbase spot rate at 8:00 p.m. New York time on the trading day before closing.