Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 10

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 10
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 expenses and to reimburse or pay Sponsor for any outstanding loans or other obligations of Denali or New Semnur to Sponsor. Denali currently estimates that the total amount payable for Denali transaction expenses and any outstanding loans or other obligations of Denali to Sponsor is approximately $10.5 million, inclusive of the $1,523,237 principal balance under the Working Capital Loans, as of March 31, 2025. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Denali Class A Ordinary Shares, at a price of $10.00 per share, upon consummation of the Business Combination. The shares would be identical to the Denali Private Placement Shares underlying the Denali Private Placement Units that the Sponsor purchased on April 6, 2022. The retention of shares by Sponsor and its affiliates and the reimbursements payable to Sponsor at Closing will not result in a material dilution of the equity interests of non-redeemingDenali Shareholders. See “ Proposal 1 — The Business Combination Proposal — Total Shares of Common Stock and Preferred Stock Outstanding Upon Consummation of the Business Combination.”

| Interested 
 Party      |     | Interest in Securities                                                                                                                                                                                                                                  |     | Other Compensation                                                                                                                                                                                                                               |
| Sponsor    |     | The Sponsor currently holds 1,432,500 Denali Class B Ordinary Shares. The Sponsor also currently holds 510,000 Denali Private Placement                                                                                                                 
 Units, acquired for an aggregate investment of $5,100,000 at the time of the IPO, which will separate automatically into its component parts, comprised of 510,000 shares of New Semnur Common Stock and 510,000 New Semnur Warrants upon the           
 consummation of the Business Combination. In addition, at the option of the Sponsor, upon consummation of the Business Combination, the outstanding amounts payable under the Sponsor Convertible Promissory Note and the Sponsor Extension Convertible 
 Promissory Note may be converted in whole or in part into Denali Class A Ordinary Shares at a conversion price of $10 per share, which would then become shares of New Semnur Common Stock at the Effective Time on a one-to-one basis.                 
 Pursuant to the Sponsor Interest Purchase Agreement, Scilex has agreed to issue the                                                                                                                                                                     
 Scilex Shares to the Sponsor contingent upon and following the