Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 108

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 108
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| Effective Underwriting Fee (2)                  |     |               | 22.82%       |     |            | 45.50%       |     |            | N/A          |

| (1) | As of the date of this proxy statement/prospectus. |

| (2) | The effective underwriting fee is calculated by dividing the underwriting fee in dollars by the IPO proceeds in dollars remaining in the Trust Account. |

Interests of Certain Persons in the Business Combination When you consider the recommendation of the Denali Board in favor of approval of the Business Combination Proposal and the other proposals, you should keep in mind that the Initial Shareholders, including Denali’s directors and executive officers, have interests in such proposal that are different from, or in addition to, those of Denali’s shareholders generally. The Denali Board was aware of and considered these interests to the extent such interests existed at the time, among other matters, in reaching the determination to approve the terms of the Business Combination and in recommending to Denali’s shareholders that they vote to approve the Business Combination. These interests include, among other things, the interests listed below:

| • |     | If Denali is unable to complete a business combination within the required time period, the aggregate dollar amount of non-reimbursable funds the Sponsor and its affiliates have at risk that depends on completion of a business combination is $6,548,237 comprised of (a) $25,000 representing the aggregate purchase price paid for the Denali Class B Ordinary Shares, (b) $5,100,000 representing the aggregate purchase price paid for the Denali Private Placement Units, (c) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Convertible Promissory Note, and (d) $115,037 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Extension Convertible Promissory Note. |

| • |     | As a result of the low initial purchase price (consisting of $25,000 for the 2,062,500 Denali Class B Ordinary Shares, or approximately $0.012 per share, and $5,100,000 for the Denali Private Placement Units), the Sponsor, its affiliates and Denali’s management team and advisors stand to earn a positive rate of return or profit on their investment, even if other shareholders, such as Denali’s public shareholders, experience a negative rate of return because