Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 1
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”), the “Merger Agreement”), by and among Denali, Denali
Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Denali (the “Merger Sub”), and Semnur Pharmaceuticals, Inc., a Delaware corporation (“Semnur”) and a majority owned subsidiary of Scilex Holding Company
(“Scilex”), and the other related proposals described in the proxy statement/prospectus. Copies of the Merger Agreement, Amendment No. 1 to Merger Agreement and Amendment No. 2 to Merger Agreement are attached to this proxy
statement/prospectus as , and , respectively.

Pursuant to the Merger Agreement, subject to the terms and
conditions set forth therein, (i) prior to the Effective Time (as defined in the proxy statement/prospectus), Denali will change its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and
domesticating as a corporation incorporated under the laws of the State of Delaware (the “Domestication”) and (ii) at the Effective Time, and following the Domestication, Merger Sub will merge with and into Semnur (the “Business
Combination”), with Semnur continuing as the surviving entity and a wholly owned subsidiary of Denali. In connection with the consummation of the Business Combination, Denali will be renamed as “Semnur Pharmaceuticals, Inc.” and
Semnur will be renamed as Semnur, Inc. In this document, we use the term “New Semnur” to refer to Denali after completion of the transactions contemplated by the Merger Agreement.

Pursuant to the Merger Agreement, (i) each outstanding share of Semnur Common Stock as of immediately prior to the Effective Time (other than shares held
by Semnur or its subsidiaries or shares the holders of which exercise dissenters’ rights of appraisal) will be automatically converted into the right to receive a number of newly issued shares of common stock of Denali (following the
Domestication), par value $0.0001 per share (“New Semnur Common Stock”), equal to the Exchange Ratio (as defined in the Merger Agreement), (ii) each outstanding share of Semnur Preferred Stock as of immediately prior to the Effective Time
of the Business Combination will be automatically converted into the right to receive (a) one share of Series A Preferred Stock of Denali (following the Domestication), par value $0.