Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 451

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 451
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 conjunction with:

| • |     | the accompanying notes to the unaudited pro forma condensed combined financial information; |

| • |     | other information related to Denali and Semnur contained in this proxy statement/prospectus, including the disclosures contained in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Denali” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur.” |

The Summary Pro Forma Information has been presented for informational purposes only and is not necessarily indicative of what the post-combination company’s financial position or results of operations actually would have been had the Business Combination been completed as of the dates indicated. In addition, the Summary Pro Forma Information does not purport to project the future financial position or operating results of the post-combinationcompany. The unaudited pro forma condensed combined information assumes that Denali’s public shareholders approve the proposed Business Combination. Denali’s public shareholders may elect to redeem their Denali Class A Ordinary Shares for cash even if they approve the proposed Business Combination. Denali cannot predict how many of its remaining public shareholders will exercise their right to have their public shares redeemed for cash. As a result, Denali has elected to provide the unaudited pro forma condensed combined financial information under five different redemption scenarios, each as described below.

| • |     | Assuming No Redemptions: This scenario assumes that no Denali public shareholders exercise their right to redeem any of their Denali Class A Ordinary Shares for a pro rata portion of the funds in the Trust Account, and thus the full amount held in the Trust Account as of the Closing is available for the Business Combination. |

| • |     | Assuming 25% Redemptions: This scenario assumes that 10,935 Denali Class A Ordinary Shares (25% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $133,079 to be redeemed out of the Trust Account. |

| • |     | Assuming 50% Redemptions: This scenario assumes that 21,870 Denali Class A Ordinary Shares (50% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $266,158 to be redeemed out of the Trust Account. |

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| • |     | Assuming 75% Redemptions: This scenario assumes that 32,805 Den