Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 375

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 375
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 Cayman Islands Registrar of Companies and Secretary of State of the State of Delaware necessary to effectuate the Domestication and the Business Combination, and (ii) filings required with the SEC pursuant to the reporting requirements applicable to Denali, and the requirements of the Securities Act and the Exchange Act, including the requirement to file the registration statement of which this proxy statement/prospectus forms a part and to disseminate it to its shareholders. Denali and Semnur filed the required forms under the HSR Act with the Antitrust Division and the FTC on September 18, 2024 and the waiting period expired on October 18, 2024. Appraisal Rights There are no appraisal rights available to holders of Denali Ordinary Shares, Denali Private Placement Units (and the underlying securities), Public Warrants or Public Units in connection with the Business Combination or the Domestication. Total Shares of Common Stock and Preferred Stock Outstanding Upon Consummation of the Business Combination It is anticipated that, upon the closing of the Business Combination, if none of the 43,739 Denali Class A Ordinary Shares (which includes 14,622 shares underlying the Public Units) currently issued and outstanding and subject to redemption have been redeemed, Denali’s public shareholders will retain an ownership interest of less than 0.1% in New Semnur, the Initial Shareholders will retain an ownership interest of approximately 0.7% in New Semnur, and Scilex, as the controlling stockholder of Semnur prior to such closing, will own approximately (i) 83.8% of New Semnur in the form 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 214

Semnur in the form of New Semnur Series A Preferred 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. For additional information regarding the Scilex Dividend, see the section titled “ Questions and Answers About the Business Combination and the Meeting — What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?” The following summarizes the pro forma share ownership and percentage of voting power