Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 585

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 585
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                                                                                                                 |     | $ | (3,087 | ) |

| (1) | Represents additional contributions from Scilex to Semnur which, if required to be made, will increase the Aggregate Outstanding Amount to be converted under the Debt Exchange Agreement. The additional contributions reflect the estimated additional contributions which Scilex is expected to contribute subsequent to March 31, 2025, which may be funded up to $60,000,000 pursuant to the Debt Exchange Agreement. As a result of these contributions under the Debt Exchange Agreement, Scilex is expected to receive 924,522 shares of New Semnur Series A Preferred Stock and 92,452 shares of New Semnur Common Stock upon Closing. The corresponding impact of the additional contributions is reflected as part of the recapitalization of Semnur. |

| (2) | In connection with the Third Extension Meeting on April 11, 2025, Denali public shareholders holding 708,098 Denali Class A Ordinary Shares elected to redeem their Denali Class A Ordinary Shares at a per share redemption price of $12.17. As such, this adjustment reflects the redemption of 708,098 Denali Class A Ordinary Shares out of the Trust Account for approximately $8.6 million as described in (H) below. |

| (3) | Represents the cash inflow in connection with the issuance and settlement of the convertible promissory notes as described in (E) below. |

| (B) | Reflects the reclassification of $6.8 million of deferred transaction costs to additional paid-in capital. |

| (C) | Reflects the reclassification of Investments Held in the Trust Account, of which $8.6 million is reflected as a decrease in cash and cash equivalents as a result of redemptions by Denali public shareholders in conjunction with the Third Extension Meeting on April 11, 2025. |

| (D) | Reflects the repayment of Denali’s accounts payable and accrued offering costs and expenses and the amount of negative cash reclassified to accounts payable as described in (M) below. |

355

| (E) | Reflects the repayment of the convertible promissory notes to Scilex, FutureTech and the Sponsor, and related accrued interest (as and if applicable). The adjustment assumes that all of the Denali Promissory Notes will be converted into shares of New Semnur Common Stock under all redemption scenarios. |

| (In thousands)                              |     |