Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 123

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 123
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 fee payment is made through June 2025. |

| (7) | Reflects the cash on balance sheet after giving effect to the repayment and uses for funding the Business                                                                                                                                                 
 Combination. New Semnur will receive intercompany funding and capital support from Scilex until New Semnur obtains sufficient financing on its own. New Semnur will also seek to raise additional funds through various potential sources, such as equity 
 offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. See the section titled “Management’s Discussion and                   
 Analysis of Financial Condition and Results of Operations of Semnur — Liquidity and Capital Resources — Future Liquidity Needs.”                                                                                                                          |

Anticipated Accounting Treatment The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with GAAP, whereby Denali is treated as the acquired company and Semnur is treated as the acquirer. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization. The net assets of Denali will be stated at carrying value, with no goodwill or other intangible assets recorded. Subsequently, results of operations presented for the periods prior to the Business Combination will be those of Semnur. Redemption Rights Pursuant to the Current Denali Charter, a public shareholder may elect to have their Denali Class A Ordinary Shares redeemed for cash at the applicable redemption price per share equal to the quotient obtained by dividing (i) the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest (net of taxes payable) and not previously released to Denali to pay its taxes, by (ii) the total number of then-outstandingpublic shares. As of March 31, 2025, this would have amounted to approximately $12.13 per public share. You will be entitled to receive cash for any public shares to be redeemed only if you:

| (i) | (a) hold public shares, or |

| (b) | hold public shares through Public Units and you elect to separate your Public Units into the underlying public 
 shares and Public Warrants prior to exercising your redemption rights with respect to the public shares; and   |

Holders of outstanding Public Units must separate the underlying public shares and Public Warrants prior to exercising redemption rights with respect to the public shares. If