Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 68

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 68
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 other entities, and therefore could have conflicts of interest in determining whether to present such business combination opportunity to such entity, subject to their fiduciary duties under Cayman Islands law. Denali does not believe that such duties have had any material impact on the identification of companies that may be appropriate acquisition targets. |

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| • |     | At the option of the Sponsor, the $1,408,200 and $115,037 principal balances as of March 31, 2025 under each of the Sponsor Convertible Promissory Note and Sponsor Extension Convertible Promissory Note, respectively, may be converted into Denali Private Placement Shares, at the price of $10.00 per Denali Private Placement Share, in connection with the consummation of an initial business combination. |

| • |     | Denali may be entitled to distribute or pay over funds held by Denali outside the Trust Account to the Sponsor or any of its affiliates prior to the closing of the Business Combination. |

| • |     | The directors and officers of Denali own the number of Class B Ordinary Shares as shown below. |

| Name of Person      |     | Position                             |     | Founder Shares |
| Lei Huang           |     | Chief Executive Officer and Director |     |         50,000 |
| You (“Patrick”) Sun |     | Chief Financial Officer              |     |         20,000 |
| Huifeng Chang       |     | Director                             |     |         20,000 |
| Jim Mao             |     | Director                             |     |         20,000 |
| Kevin Vassily       |     | Director                             |     |         20,000 |

These interests, which may create actual or potential conflicts of interest, are, to the extent material, described in the section titled “Proposal 1 — The Business Combination Proposal — Interests of Certain Persons in the Business Combination.”

| Q: | Will Scilex have continued voting and operational control over Semnur following the Business Combination and will Semnur continue to rely on funding and services provided by Scilex following the Business Combination? |

| A: | Immediately following the Business Combination, as disclosed elsewhere in this proxy statement/prospectus, Scilex will control a minimum of approximately 86.3% of the voting power of the post-Business Combination company, which means that Scilex will control the vote of all matters submitted to a vote of the New Semnur stockholders. This control will enable