Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 555

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 555
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 (assuming the full draw down on such         
 note), 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. The number of shares referenced in the preceding clause (b) assumes that      
 the Aggregate Outstanding Amount under the Debt Exchange Agreement is $60,000,000 (the maximum amount permitted thereunder), which is exchanged pursuant to the terms thereof for a maximum of 6,000,000 shares of Semnur Preferred Stock, which are in  
 turn, at the Effective Time, exchanged for a maximum of 6,000,000 shares of New Semnur Series A Preferred Stock and a maximum of 600,000 shares of New Semnur Common Stock. The foregoing does not take into account the Scilex Dividend described       
 elsewhere in this proxy statement/prospectus. For additional information regarding the Scilex Dividend, see the section titled “Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the                   
 Business Combination — What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?”                                                                                                       |

346

| (6) | The number of shares of New Semnur Common Stock to be held by the consultants and other service providers party                                                                                                                                       
 to the Consulting Services Agreements at the Closing is based on an aggregate of 24,400,000 shares of Semnur Common Stock held by such consultants and other service providers prior to the closing of the Business Combination, which shares will be 
 converted into an aggregate of 30,500,000 shares of New Semnur Common Stock in connection with the Business Combination pursuant to the terms of the Merger Agreement.                                                                                |

| (7) | 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 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.                  |

| (8) |