Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 97

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 97
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 “Deferred Discount Agreement”), pursuant to which the Denali
Underwriters have agreed to receive the Common Stock Consideration. Upon the terms of the Deferred Discount Agreement, the Common Stock Consideration will be issued at the Closing and the remaining $2,021,250 of the aggregate Deferred Discount owed
will remain payable at the Closing in cash in accordance with the terms of the Underwriting Agreement. In addition, the Deferred Discount Agreement provides the Denali Underwriters with certain customary registration rights to the Common Stock
Consideration following the Closing. The Deferred Discount Agreement will terminate in the event that Denali does not consummate the Business Combination.

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It is expected that the Denali Underwriters will enter into an amended and restated Deferred Discount Agreement under significantly the same terms as the Deferred Discount Agreement, under which the Denali Underwriters will receive shares of New Semnur Common Stock for the Common Stock Consideration. The following table sets forth the effective underwriting fee (inclusive of the 2.0% fee that was previously paid by Denali at the closing of its IPO) at each redemption scenario:

|                                             |     | No Redemption 
 Scenario      |              |     | Interim    
 Redemption 
 Scenario   |              |     | Maximum    
 Redemption 
 Scenario   |              |
|:--------------------------------------------|:----|:--------------|:-------------|:----|:-----------|:-------------|:----|:-----------|:-------------|
| Underwriting Fee                            |     | $             | 2.02 million |     | $          | 2.02 million |     | $          | 2.02 million |
| IPO Proceeds Remaining in the Trust Account 
 (1)                                         |     | $             | 8.85 million |     | $          | 4.44 million |     |            | —            |
| Effective Underwriting Fee (2)              |     |               | 22.82%       |     |            | 45.50%       |     |            | N/A          |

| (1) | As of the date of this proxy statement/prospectus. |

| (2) | The effective underwriting fee is calculated by dividing the underwriting fee in dollars by the IPO proceeds in 
 dollars remaining in the Trust Account.                                                                         |

Interests of Certain Persons in the Business Combination When you consider the recommendation of the Denali Board in favor of approval of the Business Combination Proposal and the other proposals, you should keep in mind that the Initial Shareholders,