Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 113

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 113
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uciary 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. |

| • |     | At the option of the Sponsor, the $1,408,200 and $115,037 principal balances as of March 31, 2025 under 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 |

The members of the Denali Board were aware of and considered these interests when approving the Merger Agreement and recommending that Denali shareholders approve the Business Combination. The members of the Denali Board determined that the overall benefits expected to be received by Denali and its shareholders outweighed any potential risk created by the conflicts stemming from these interests. In consideration of the interests set forth above, Denali’s directors and officers also engaged CB Capital, which rendered an opinion with respect to the valuation range for the acquired assets referenced therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, that the Business Combination is a fair one, which the members of the Denali Board factored into their decision to approve the Merger Agreement. As disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. Holders of Denali Ordinary Shares and other potential investors should