Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 272

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 272
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 retain an ownership interest of approximately 0.7% in New Semnur, and Scilex will own approximately (i) 83.8% of New Semnur in the form of shares of New
Semnur Common Stock (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus) and (ii) 2.5% of New Semnur in the form of shares of New Semnur Series A Preferred Stock, which will
give Scilex 86.3% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will be the single largest stockholder of New Semnur following the completion of the Business Combination and will directly own nearly all
of the New Semnur voting securities expected to be outstanding immediately following the completion of the Business Combination. The foregoing ownership percentages with respect to New Semnur do not take into account the potential dilutive effect of
all of the Public Warrants, the Public Warrants underlying the Public Units, the Denali Private Placement Warrants underlying the Denali Private Placement Units, shares that may be issued upon conversion of the Denali Promissory Notes and shares
that may be issued upon exercise of options to acquire shares of New Semnur Common Stock that may be issued to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal) because it is
unknown whether such warrants and stock options will ever be exercised for, or the promissory notes will be converted

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into, shares of New Semnur Common Stock. For additional information regarding the potential dilutive effect of such securities, see the section titled “Questions and Answers About the Business Combination and the Meeting — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” If the
actual facts are different from these assumptions (which they are likely to be), the percentage ownership retained by the Denali public shareholders will be different. See “Unaudited Pro Forma Condensed Combined Financial Information.” The issuance of additional common stock will significantly dilute the equity interests of existing holders of Denali shareholders and may adversely affect prevailing market prices for our public shares or public warrants.

Even if the Business Combination is consummated, the Public Warrants may never be in the money, and they may expire worthless and the terms of the warrants