Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 100

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 100
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 against certain liabilities that may arise under the Securities Act. See the section 
 titled “Certain Relationships and Related Party Transactions — Certain Transactions of Denali.”                                                                                                                                                          |

47

| • |     | The Denali Underwriters entered 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.

| • |     | As a result of multiple business affiliations, Denali’s officers and directors may have legal obligations                                                                                                                                         
 relating to presenting business opportunities to multiple entities. Furthermore, the Current Denali Charter provides that the doctrine of corporate opportunity will not apply with respect to any of Denali’s officers or directors in           
 circumstances where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. Denali does not believe, however, that the fiduciary duties or contractual obligations of its officers or  
 directors or waiver of corporate opportunity materially affected its search for a business combination. Denali’s management is not aware of any such corporate opportunities not being offered to Denali and does not believe the renouncement of 
 its interest in any such corporate opportunities impacted its search for an acquisition target.                                                                                                                                                   |

| • |     | The exercise of Denali’s directors’ and officers’ discretion in agreeing to changes or waivers                                                                                
 in the terms of the transaction may result in a conflict of interest when determining whether such changes or waivers are appropriate and in our shareholders’ best interest. |

| • |     | If the Business Combination is completed, Scilex will designate all members of the New Semnur Board as such, in                                                          
 the future such designees may receive cash fees, stock options or stock awards that the