Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 55

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 55
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 Capital as set forth in its written opinion, the valuation range for the acquired assets, from a financial point of view, was between $2.001 billion and                   
 $2.554 billion, and the Business Combination was fair, from a financial point of view. See the section titled “Proposal 1 — The Business Combination                                                                                               
 Proposal — Opinion of CB Capital” and the opinion (as described below) attached as Annex H to this proxy statement/prospectus. As disclosed elsewhere in this proxy                                                                                
 statement/prospectus, Semnur is a majority owned subsidiary of Scilex. Holders of Denali Ordinary Shares and other potential investors should be aware that the current market capitalization of Semnur’s parent company, Scilex, is approximately 
 $61.6 million, as of July 18, 2025.                                                                                                                                                                                                                |

| Q: | Do any of Denali’s directors or officers and the Sponsor have interests that may conflict with my 
 interests with respect to the Business Combination?                                               |

| A: | In considering the recommendation of the Denali Board to vote for the approval of the Business Combination                                                                                                                                
 Proposal and other proposals, Denali’s shareholders should be aware that certain Denali executive officers and directors may be deemed to have interests in the Business Combination that are different from, or in addition to, those of 
 Denali’s shareholders generally, including:                                                                                                                                                                                               |

| • |     | If Denali is unable to complete a business combination within the required time period, the aggregate dollar 
 amount of non-reimbursable funds the Sponsor and its affiliates have at risk that depends on                 |

19

| completion of a business combination is $6,548,237, comprised of (i) $25,000 representing the aggregate purchase price paid for the Denali Class B Ordinary Shares, (ii) $5,100,000                                                        
 representing the aggregate purchase price paid for the Denali Private Placement Units, (iii) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Convertible Promissory Note and (iv) $115,037 
 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Extension Convertible Promissory Note.                                                                                                                |

| • |     | As a result of the low initial purchase price (consisting of $25,000 for the 2,062,500 Denali Class B                                                                                                                                                    
 Ordinary