Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 131

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 131
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 approval |

63

| of the Option Exchange Proposal). For additional information regarding the dilutive effect of the foregoing securities referenced in this footnote, see the section titled “Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” |

Material U.S. Federal Income Tax Consequences For a discussion summarizing the material U.S. federal income tax consequences of the Domestication and the exercise of redemption rights, please see “ Material U.S. Federal Income Tax Consequences.” Sources and Uses of Funds for the Business Combination The following table summarizes the sources and uses for funding the transaction contemplated by the Merger Agreement. Where actual amounts are not known or knowable, the figures below represent Denali’s good faith estimate of such amounts assuming a Closing as of June 30, 2025 (all numbers in millions). No Additional Redemptions Scenario The following table summarizes the sources and uses for funding the Business Combination assuming no redemptions of any public shares:

| Sources of Funds(1)                                     |     |   |         |     | Uses of Funds(1)             |     |   |             |   |
|:--------------------------------------------------------|:----|:--|--------:|:----|:-----------------------------|:----|:--|------------:|:--|
| Cash balance of Semnur prior to Business Combination(2) |     | $ |   7,379 |     | Transaction Fees and         
 Expenses(4)                  |     | $ |  20,169,958 |   |
| Cash balance of Denali prior to Business                
 Combination(2)                                          |     |   |   2,736 |     | Payment of Denali Promissory 
 Notes(5)                     |     |   |   2,986,380 |   |
| Existing Cash held in Trust                             
 Account(3)                                              |     |   | 535,667 |     | Remaining Cash on Balance    
 Sheet(6)                     |     |   | (22,610,556 | ) |
| Total Sources                                           |     | $ | 545,782 |     | Total Uses                   |     | $ |     545,782 |   |

| (1) | Totals may be affected by rounding. |

| (2) | As of March 31, 2025. |

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