Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 634

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 634
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 ownership of New Semnur Common Stock and New Semnur Series A Preferred Stock immediately following the closing of the Business Combination has been determined based on the following assumptions: (i) that none of the 43,739 public shares (consisting of (a) 29,117 Denali Class A Ordinary Shares and (b) 14,622 Denali Class A Ordinary Shares underlying the Public Units) are redeemed; (ii) that none of the investors set forth in the table below has purchased or purchases shares of Denali Ordinary Shares (pre-Business Combination) or New Semnur Common Stock or New Semnur Series A Preferred Stock (post-Business Combination); (iii) that a maximum of 6,000,000 shares of New Semnur Series A Preferred Stock are issued in the Business Combination as Preferred Consideration; (iv) that there will be an aggregate of 211,619,502 shares of New Semnur Common Stock issued and outstanding, which number of shares of New Semnur Common Stock is comprised of (a) the 2,616,239 Denali Ordinary Shares currently outstanding (consisting of 29,117 Denali Class A Ordinary Shares outstanding, 14,622 Denali Class A |

387

| Ordinary Shares underlying the Public Units, 510,000 Denali Private Placement Shares underlying the Denali Private Placement Units and 2,062,500 Denali Class B Ordinary Shares) are exchanged for a corresponding number of shares of New Semnur Common Stock in connection with the Business Combination; (b) an aggregate of 200,600,000 shares of New Semnur Common Stock that are issued in the Business Combination (such number of shares being based upon (1) 200,000,000 shares of New Semnur Common Stock issued as Merger Consideration (which number includes the 5,000,000 shares of Semnur Common Stock contributed to Scilex Bio (which is controlled by Scilex) on April 17, 2025 (which will be converted into 6,250,000 shares of New Semnur Common Stock as Merger Consideration in connection with the Business Combination pursuant to the terms of the Merger Agreement) and (2) a maximum of 600,000 shares of New Semnur Common Stock issued in connection with the exchange of a maximum of 6,000,000 shares of Semnur Preferred Stock as Preferred Consideration)); (c) 86,625 shares