Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 56

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 56
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 of this proxy statement/prospectus and assumes that the holders of 14,622 Public Units have voluntarily separated such units into their component parts prior to the Closing such that the 14,622 public shares underlying such units are available for redemption in connection with the Business Combination. |

| ** | Includes 5,000,000 shares of Semnur Common Stock contributed to Scilex Bio, Inc. (“Scilex Bio”) (which is controlled by Scilex) on April 17, 2025 (which will be converted into 6,250,000 shares of New Semnur Common Stock in connection with the Business Combination pursuant to the terms of the Merger Agreement) and 18,000 shares of New Semnur Common Stock to be issued in respect of amounts owed to Scilex under that certain convertible promissory note issued by Denali to Scilex in the total principal amount of up to $180,000 (assuming the full draw down on such note) and excludes the impact of the Scilex Dividend described immediately below (as a payment date has not yet been set and such dividend may be revoked by the board of directors of Scilex (the “Scilex Board”) prior to the payment date therefor) and shares of New Semnur Series A Preferred Stock, as such shares are not convertible into shares of New Semnur Common Stock. |

| *** | Excludes the shares issuable upon conversion of the promissory note held by Scilex, which shares are included in Scilex’s holdings above. |

Denali’s Net Tangible Book Value Per Share, As Adjusted and Dilution Dilution per share to the original investors in Denali is determined by Denali’s net tangible book value per share, as adjusted, excluding the Business Combination itself and giving effect to material probable or consummated transactions and other material effects on the net tangible book value per share, from the initial public offering price per share paid by original investors in Denali as set forth below under the five redemption scenarios:

|                                                                                                               |     | No Redemption 
 Scenario      |       |   |     | 25%        
 Redemption 
 Scenario   |       |   |     | 50%        
 Redemption 
 Scenario   |       |   |     | 75%        
 Redemption 
 Scenario   |       |   |     | 100%       
 Redemption 
 Scenario   |       |   |
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