Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 105

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 105
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 the several underwriters named therein, pursuant to which Denali agreed to pay to the underwriters an aggregate cash amount of $2,887,500 as a deferred discount (the “Deferred Discount”) upon the consummation of Denali’s initial business combination. On November 20, 2023, Denali entered into a letter agreement by and among Denali, Merger Sub, Semnur, D. Boral Capital LLC (f/k/a EF Hutton), US Tiger and Craig-Hallum Capital Group LLC (the “Deferred Discount Agreement”), pursuant to which the Denali Underwriters have agreed to receive the Common Stock Consideration. Upon the terms of the Deferred Discount Agreement, the Common Stock Consideration will be issued at the Closing and the remaining $2,021,250 of the aggregate Deferred Discount owed will remain payable at the Closing in cash in accordance with the terms of the Underwriting Agreement. In addition, the Deferred Discount Agreement provides the Denali Underwriters with certain customary registration rights to the Common Stock Consideration following the Closing. The Deferred Discount Agreement will terminate in the event that Denali does not consummate the Business Combination. It is expected that the Denali Underwriters will enter into an amended and restated Deferred Discount Agreement under significantly the same terms as the Deferred Discount Agreement, under which the Denali Underwriters will receive shares of New Semnur Common Stock for the Common Stock Consideration. The following table sets forth the effective underwriting fee (inclusive of the 2.0% fee that was previously paid by Denali at the closing of its IPO) at each redemption scenario:

|                                                 |     | No Redemption 
 Scenario      |              |     | Interim    
 Redemption 
 Scenario   |              |     | Maximum    
 Redemption 
 Scenario   |              |
|:------------------------------------------------|:----|:--------------|:-------------|:----|:-----------|:-------------|:----|:-----------|:-------------|
| Underwriting Fee                                |     | $             | 2.02 million |     | $          | 2.02 million |     | $          | 2.02 million |
| IPO Proceeds Remaining in the Trust Account (1) |     | $             | 8.85 million |     | $          | 4.44 million |     |            | —            |
| Effective Underwriting Fee (2)                  |     |               | 22.82%       |     |            | 45.50%       |     |            |