Tonix Pharmaceuticals stock halted ahead of FDA approval news
PALO ALTO - Scilex Holding Company (NASDAQ:SCLX) announced Wednesday that the SEC has declared effective the registration statement for the proposed business combination between its majority-owned subsidiary Semnur Pharmaceuticals and Denali Capital Acquisition Corp. (OTCB:DNQAF). According to InvestingPro data, Denali currently has a market capitalization of $38.87 million and maintains notably low price volatility with a beta of 0.19.
Denali shareholders will vote on the merger at an extraordinary general meeting scheduled for September 3, 2025, at 9:00 a.m. Eastern Time in New York. Shareholders of record as of August 12, 2025, will be eligible to vote.
Following the completion of the transaction, the combined company will be renamed "Semnur Pharmaceuticals, Inc." The merger is expected to close shortly after shareholder approval and satisfaction of other customary closing conditions.
While the combined company has applied to list its common stock and warrants on the Nasdaq Stock Market, approval has not yet been obtained. If unsuccessful, the securities will continue trading on the OTC Markets after the business combination.
Semnur’s primary product candidate is SP-102 (SEMDEXA), a novel gel formulation of dexamethasone sodium phosphate for epidural injections to treat sciatica. The FDA granted Fast Track status to SP-102 in 2017, and Semnur has completed a Phase 3 study for this non-opioid pain treatment.
Scilex, headquartered in Palo Alto, California, focuses on developing non-opioid pain management products. Its commercial portfolio includes ZTlido, a prescription lidocaine topical system; ELYXYB, an oral solution for migraine treatment; and Gloperba, a liquid oral colchicine formulation for gout flare prevention.
The announcement was made in a press release statement from Scilex Holding Company.
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