Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 68

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 68
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 result in a conflict of interest when determining whether such changes or waivers are appropriate and in our shareholders’ best interest. |

| • |     | If the Business Combination is completed, Scilex will designate all members of the New Semnur Board. As such, in the future, such designees may receive cash fees, stock options or stock awards that the New Semnur Board determines to pay to its executive and non–executive directors. |

| • |     | Our Initial Shareholders, members of our management team or their respective affiliates, may receive reimbursement for any out–of–pocket expenses incurred by them in connection with activities conducted on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling |

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| to and from the offices or similar locations of prospective target businesses, including Semnur, to examine their operations. There is no limit on the amount of out–of–pocket expenses reimbursable by us in this regard. |

| • |     | Denali’s officers, advisors and directors are not required to, and will not, commit their full time to Denali’s affairs, which may result in a conflict of interest in allocating their time between Denali’s operations and the proposed Business Combination, on one hand, and their other businesses, on the other hand. In addition, certain of Denali’s officers and directors presently have, and any of them in the future may have additional, fiduciary and contractual duties to other entities, and therefore could have conflicts of interest in determining whether to present such business combination opportunity to such entity, subject to their fiduciary duties under Cayman Islands law. Denali does not believe that such duties have had any material impact on the identification of companies that may be appropriate acquisition targets. |

| • |     | At the option of the Sponsor, the $1,408,200 and $115,037 principal balances as of March 31, 2025 under each of the Sponsor Convertible Promissory Note and Sponsor Extension Convertible Promissory Note, respectively, may be converted into Denali Private Placement Shares, at the price of $10.00 per Denali Private Placement Share, in connection with the consummation of an initial business combination. |

| • |     | Denali may be entitled to distribute or pay over funds held by Denali outside the Trust Account to the Sponsor or any of its affiliates prior to the closing of the Business Combination. |