Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 18

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 18
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 Company. At the option of FutureTech, upon consummation of a business
combination, the FutureTech Convertible Promissory Note and the Second FutureTech Convertible Promissory Note may be converted in whole or in part into Conversion Shares. The terms of the Conversion Shares will be identical to those of the Denali
Private Placement Shares. Any conversion in connection with the FutureTech Convertible Promissory Note and the Second FutureTech Convertible Promissory Note would not have a material dilutive effect on non-converting shareholders. In the event that
the Company does not consummate a business combination, the FutureTech Convertible Promissory Note and the Second FutureTech Convertible Promissory Note will be repaid only from funds held outside of the Trust Account or will be forfeited,
eliminated or otherwise forgiven.

The Scilex Note

On August 9, 2024, Denali issued a convertible promissory note in the total principal amount of up to $180,000 to Scilex (the
“Scilex Convertible Promissory Note”). The Scilex Convertible Promissory Note was issued with an initial principal balance of $15,037, with the remaining $164,963 drawable at Denali’s request and upon the consent of Scilex
prior to the maturity of the Scilex Convertible Promissory Note. The Scilex Convertible Promissory Note matures upon the earlier of (i) the effective date of the consummation of the Company’s initial business combination and (ii) the date of
the liquidation of the Company. At the option of Scilex, upon consummation of a business combination, the Scilex Convertible Promissory Note may be converted in whole or in part into Conversion Shares. The terms of the Conversion Shares will be
identical to those of the Denali Private Placement Shares. Any conversion in connection with the Scilex Convertible Promissory Note would not have a material dilutive effect on non-converting shareholders. In the event that the Company does not
consummate a business combination, the Scilex Convertible Promissory Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.

On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex deposited an aggregate of $45,191, drawn down from the