Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 560

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 560
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% Redemptions: This scenario assumes that 21,870 Denali Class A Ordinary Shares (50% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $266,158 to be redeemed out of the Trust Account. |

| • |     | Assuming 75% Redemptions: This scenario assumes that 32,805 Denali Class A Ordinary Shares (75% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $399,237 to be redeemed out of the Trust Account. |

| • |     | Assuming 100% Redemptions: This scenario assumes that 43,739 Denali Class A Ordinary Shares are redeemed at approximately $12.17 per share for an aggregate payment of $532,304 to be redeemed out of the Trust Account. |

The actual results are expected to be within the parameters described by the five redemption scenarios. However, there can be no assurance regarding which scenario will be closest to the actual results. Under each scenario, Scilex, Semnur’s equity holder, maintains a controlling financial interest over New Semnur. The Business Combination is expected to be accounted for as a reverse recapitalization. Because Scilex controls Semnur before the Business Combination and is also expected to control New Semnur following the Business Combination, Denali is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization whereby the net assets of Denali will be stated at historical cost and no goodwill or other intangible assets are recorded. Transaction costs incurred by Semnur which are incremental costs and directly attributable to the proposed Business Combination will be deferred and charged 343

against the proceeds of the transaction instead of expensed. Denali’s transaction costs incurred prior to the Closing are recognized as expenses in Denali’s separate financial statements and, upon the Closing, will be treated as a reduction of the net cash proceeds and deducted from the New Semnur’s additional paid-incapital. Operations prior to the Business Combination will be those of Semnur. In addition to the fact that the Business Combination will not result in a change of control, the Business Combination is expected to be accounted as a reverse recapitalization based on the following facts and circumstances