Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 260

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 260
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 Shares held by the Sponsor, Denali’s directors and officers and Scilex will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $30,943,725 based upon the closing price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. The 510,000 shares of New Semnur Common Stock into which the 510,000 Denali Private Placement Shares underlying the Denali Private Placement Units held by the Sponsor will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $6,063,900, based upon the closing price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. The 510,000 New Semnur Warrants into which the 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units held by the Sponsor will convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $25,500 based upon the closing price of $0.05 per Public Warrant on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus.

If Denali is unable to complete a business combination within the required time period, the aggregate dollar amount of non-reimbursable funds the Sponsor and its affiliates have at risk that depends on completion of a business combination is $6,548,237, comprised of (a) $25,000 representing the aggregate purchase price paid for the founder shares, and (b) $5,100,000 representing the aggregate purchase price paid for the Denali Private Placement Units, (c) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Convertible Promissory Note and (d) $115,037 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Extension Convertible Promissory Note.

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As a result of the low initial purchase price (consisting of $25,000 for the 2,062,500 Denali Class B