Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 36

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 36
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 for further information on the Domestication. In addition, following the                                                           
 Domestication and at the Effective Time, Merger Sub will merge with and into Semnur, with Semnur continuing as the surviving entity and wholly owned subsidiary of Denali.                                                                         |

In connection with the Business Combination, the cash held in the Trust Account after giving effect to any redemption of shares by Denali’s public shareholders will be used to pay certain fees and expenses in connection with the Business Combination, and for working capital and general corporate purposes.

| Q: | Why am I receiving this proxy statement/prospectus? |

YOUR VOTE IS IMPORTANT. YOU ARE ENCOURAGED TO SUBMIT YOUR PROXY AS SOON AS POSSIBLE AFTER CAREFULLY REVIEWING THIS PROXY STATEMENT/PROSPECTUS AND ITS ANNEXES AND CAREFULLY CONSIDERING EACH OF THE PROPOSALS BEING PRESENTED AT THE MEETING.

| Q: | What is the consideration being paid to Semnur securityholders? |

| A: | If the Business Combination is completed: (i) each outstanding share of Semnur Common Stock as of                                                                                                                                                   
 immediately prior to the Effective Time (other than shares held by Semnur or its subsidiaries or shares the holders of which exercise dissenters’ rights of appraisal) will be automatically converted into the right to receive a number of shares 
 of New Semnur Common Stock equal to the Exchange Ratio (as defined below), (ii) each outstanding share of Semnur Preferred Stock as of immediately prior to the Effective Time will be automatically converted into the right to receive (a) one    
 share of New Semnur Series A Preferred Stock and                                                                                                                                                                                                    |

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| (b) one-tenth of one share of New Semnur Common Stock, and (iii) subject to Denali’s receipt of the approval of the Option Exchange                                                                                                                      
 Proposal, each option to purchase Semnur Common Stock that is outstanding as of immediately prior to the Effective Time shall be converted into the right to receive an option relating to the New Semnur Common Stock upon substantially the same terms 
 and conditions as are in effect with respect to such option immediately prior to the Effective Time (each, a “New Semnur Option”) except that (x) such New Semnur Option shall relate to that whole number of shares of New Semnur                       
 Common Stock (rounded down to the nearest whole share) equal to the number of shares of Semnur Common Stock subject to such