Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 375

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 375
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 Shares to be issued pursuant to the Consulting Services Agreements immediately following the completion of the Business Combination. |

| (8) | 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 |

215

| 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 Denali Class A Ordinary Shares at a conversion price of $10.00 per ordinary share, which is included in footnote (5) above), including interest (as and if applicable) through September 30, 2025. |

| (9) | Represents the aggregate number of shares of New Semnur Common Stock to be issued to the underwriters pursuant to a letter agreement, dated November 30, 2023, between Denali and the Denali Underwriters. |

| (10) | The total number of shares at the Closing under each redemption scenario excludes the potential dilutive effect of the following securities because it is unknown whether such securities will ever be exercised for shares of New Semnur Common Stock: (a) 8,235,378 Public Warrants outstanding, (b) 14,622 Public Warrants underlying the Public Units, (c) 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units, and (d) 50,000,000 options to acquire shares of New Semnur Common Stock that may be issued to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal). For additional information regarding the dilutive effect of the foregoing securities referenced in this footnote, see the section titled “Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination.” |

Stock Exchange Listing The Public Units, Denali Class A Ordinary Shares and Public Warrants are currently listed on the OTC Markets, under the symbols “DNQUF,” “DNQAF,” and “DNQWF,” respectively. The Public Units commenced trading on Nasdaq on April 11, 2022 and the Denali Class A Ordinary Shares and Public Warrants commenced separate public trading on Nasdaq on May