Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 51

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 51
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     |                 | 30,500,000 |     |           |  91.0 | % |
| Total Number of Shares**                                               |     |               | 33,510,747 |     |           | 100.0 | % |     |                | 33,499,812 |     |           | 100.0 | % |     |                | 33,488,877 |     |           | 100.0 | % |     |                | 33,477,942 |     |           | 100.0 | % |     |                 | 33,467,008 |     |           | 100.0 | % |

| ** | Excludes 8,235,378 of shares underlying public warrants, 14,622 of shares underlying public warrants underlying                                                                                                                                     
 public units, and 510,000 of shares underlying private warrants underlying the Denali private placement units because such warrants are expected to remain outstanding after the Business Combination since their exercise is not contingent on the 
 consummation of the Business Combination. Other potential sources of dilution that may occur following the consummation of the Business Combination include                                                                                         |

17

| 50,000,000 of shares associated with Semnur option holders and 30,500,000 of shares of Semnur consultant fees paid in shares. |

The calculation in this footnote (2), used as the denominator for each book value per share as of March 31, 2025, as adjusted, excludes shares of common stock issued as Merger Consideration to the former securityholders of Semnur from the denominator of the per-share calculation as well as certain securities that could be potential sources of dilution after the closing of the Business Combination, including: 8,235,378 shares underlying public warrants and 510,000 shares underlying private warrants forming part of the Denali private placement units; and approximately 50,000,000 shares of New Semnur Common Stock reserved for issuance to Semnur option holders (assuming approval of the Option Exchange Proposal).

| Q: | What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on 
 Denali’s shareholders?                                                                              |

| A: | On October 27, 2024, the Scilex Board, Semnur’s controlling stockholder, declared a stock dividend (the                                                                                                                                               
 “Scilex Dividend”) consisting of an aggregate of 5,000,000 shares