Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 386

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 386
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000 Scilex Shares. Pursuant to the SIPA, Scilex has paid the Cash Consideration and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the
Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into one New Semnur Common Stock at the effective time of the Domestication
pursuant to the terms of the Merger Agreement.

Deferred Discount Agreement.On November 20, 2023, the Denali Underwriters entered into
the Deferred Discount Agreement, pursuant to which the Denali Underwriters have agreed to receive the Common Stock Consideration. Under the terms of the Deferred Discount Agreement, the Common Stock Consideration will be issued at the Closing and
the remaining aggregate $2,021,250 of deferred underwriting compensation owed will remain payable at the Closing in cash under the original terms of the Underwriting Agreement.

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.

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PROPOSAL 2 — THE DOMESTICATION PROPOSAL

Denali is asking its shareholders to approve and adopt the Domestication Proposal. Under the Merger Agreement, the approval of the Domestication
Proposal is also a condition to the consummation of the Business Combination.

As a condition to closing the Business Combination, the Denali Board
unanimously has approved, and Denali’s shareholders are being asked to consider and vote upon a proposal to approve a change of Denali’s jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing
and domesticating as a corporation incorporated under the laws of the State of Delaware. To effect the Domestication, Denali will file an application to deregister with the Cayman Islands Registrar of Companies, together with the necessary
accompanying documents, and file a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State of Delaware, under which Denali will be domesticated and continue as a Delaware corporation.

In connection with the Domestication, prior to the consummation of the Business Combination, (i) each issued and outstanding Denali Ordinary Share will
convert automatically, on a one–for–one basis, into a share of New Semnur Common Stock, (ii)