Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 45

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 45
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 will be paid to the public investors exercising their redemption rights.                                                                                                                                 |

| Q: | What equity stake will current Denali shareholders and Semnur stockholders hold in New Semnur after the 
 Closing?                                                                                                |

| A: | It is anticipated that, upon the closing of the Business Combination, if none of the 43,739 Denali Class A                                                                                                                                              
 Ordinary Shares (which includes 14,622 shares underlying the Public Units) currently issued and outstanding and subject to redemption have been redeemed, Denali’s public shareholders will retain an ownership interest of less than 0.1% in New       
 Semnur, the Initial Shareholders will retain an ownership interest of approximately 0.7% in New Semnur, and Scilex, as the controlling stockholder of Semnur prior to such closing, will own approximately (i) 83.8% of New Semnur in the form of       
 New Semnur Common Stock (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus) and (ii) 2.5% of New Semnur in the form of New Semnur Series A Preferred Stock, which will give 
 Scilex 86.3% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will be the single largest stockholder of New Semnur following the completion of the Business Combination and will directly own nearly all of       
 the New Semnur voting securities expected to be outstanding immediately following the completion of the Business Combination.                                                                                                                           |

If all of the 43,739 Denali Class A Ordinary Shares (which includes 14,622 shares underlying the Public Units) currently outstanding have been redeemed, Denali’s public shareholders would not own any shares of New Semnur Common Stock, the Initial Shareholders will retain an ownership interest of approximately 0.7% in New Semnur, and Scilex will own approximately (i) 83.8% of New Semnur in the form of shares of New Semnur Common Stock (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus) and (ii) 2.5% of New Semnur in the form of shares of New Semnur Series A Preferred Stock, which will give Scilex 86.3% of the voting power of New Semnur