Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 553

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 553
---
 terms of the Merger Agreement), (b) a maximum of 600,000 shares of New Semnur Common Stock, representing the Preferred Consideration payable to Scilex, (c) 500,000 shares of New Semnur Common Stock, representing the 500,000 Class B Ordinary Shares held by Scilex which will be exchanged for shares of New Semnur Common Stock in the Business Combination, and (d) a maximum of 18,000 shares of New Semnur Common Stock expected to be issued upon conversion of the convertible promissory note dated August 9, 2024, by and between Denali and Scilex in the total principal amount of $180,000 (assuming the full drawn down on such note), which bears no interest and may be converted in whole or in part into additional Denali Class A Ordinary Shares at a conversion price of $10.00 per ordinary share. The number of shares referenced in the preceding clause (b) assumes that the Aggregate Outstanding Amount under the Debt Exchange Agreement is $60,000,000 (the maximum amount permitted thereunder), which is exchanged pursuant to the terms thereof for a maximum of 6,000,000 shares of Semnur Preferred Stock, which are in turn, at the Effective Time, exchanged for a maximum of 6,000,000 shares of New Semnur Series A Preferred Stock and a maximum of 600,000 shares of New Semnur Common Stock. The foregoing does not take into account the Scilex Dividend described elsewhere in this proxy statement/prospectus. For additional information regarding the Scilex Dividend, see the section titled “Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?” |

| (6) | Represents the aggregate number of Consultant Shares to be issued pursuant to the Consulting Services Agreements immediately following the completion of the Business Combination. |

| (7) | Represents the aggregate number of shares of New Semnur Common Stock expected to be issued upon conversion of the Denali Promissory Notes (if converted) (other than the convertible promissory note dated |

338

| August 9, 2024, by and between Denali and Scilex in the total principal amount of $180,000, which bears no interest and may be converted in whole or in part into additional