Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 561

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 561
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 Semnur has an effective
registration statement under the Securities Act covering the issuance of the New Semnur Common Stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or New Semnur permits holders to exercise their
warrants on a cashless basis under the circumstances specified in the Warrant Agreement between VStock, as warrant agent, and Denali). The Warrants will expire at 5:00 p.m., New York City time, five years after the consummation of the Business
Combination or earlier upon redemption or liquidation. On the exercise of any Warrant, the warrant exercise price will be paid directly to New Semnur.

New Semnur is currently negotiating the terms of new employment agreements with the individuals that are expected to become the executive officers of New
Semnur (the effectiveness of which will be subject to the

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successful Closing of the Business Combination). However, as the employment agreements are not yet executed nor are the terms for such agreements specified, New Semnur has not included autonomous entity or transaction accounting adjustments for such agreements because any pro forma impact of such agreements were not deemed factually supportable. Net tangible assets consist of the Company’s total assets (excluding any goodwill or intangibles), less any liabilities outstanding after the Closing. The below summarizes net tangible assets under each redemption scenario.

|                         |     | No         
 Redemption 
 Scenario   |        |   |     | 25%        
 Redemption 
 Scenario   |        |   |     | 50%        
 Redemption 
 Scenario   |        |   |     | 75%        
 Redemption 
 Scenario   |        |   |     | 100%       
 Redemption 
 Scenario   |        |   |
|:------------------------|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|
| Total Assets            |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |
| Less: Total Liabilities |     |            |  3,284 |   |     |            |  3,417 |