Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 40

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 40
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 8, 2024, or any other indebtedness of Scilex.

| Q: | What is the Debt Exchange Agreement? |

Pursuant to the terms of the Debt Exchange Agreement, effective as of immediately prior to, and contingent upon, the closing of the Business Combination, Scilex has elected to contribute the Outstanding Indebtedness to Semnur in exchange for the issuance by Semnur to Scilex of that number of shares of 10

Semnur Preferred Stock (subject to adjustment for recapitalizations, stock splits, stock dividends and similar transactions) (the “Exchange Shares” and such transaction, the “Contribution”) that is equal to (i) the Aggregate Outstanding Amount plus the amount that is equal to 10% of the Aggregate Outstanding Amount divided by (ii) $11.00 (rounded up to the nearest whole share); provided, that in no event shall the Aggregate Outstanding Amount exceed $60,000,000. Assuming that the Aggregate Outstanding Amount was $50,754,784 (the amount outstanding as of March 31, 2025), then based on the preceding paragraph, the aggregate number of shares of Semnur Preferred Stock issued to Scilex prior to the Effective Time pursuant to the Debt Exchange Agreement would be 5,075,478 shares. At the Effective Time such shares would be exchanged for 5,075,478 shares of New Semnur Series A Preferred Stock and 507,548 shares of New Semnur Common Stock. The Aggregate Outstanding Amount as of Closing will be exchanged for equity, regardless of the amount of Denali Class A Ordinary Shares that are redeemed in connection with the Business Combination.

| Q: | What are the key terms of the New Semnur Series A Preferred Stock and will Scilex have any special rights as 
 a holder of such preferred stock?                                                                            |

| A: | The Proposed Charter, if adopted, will authorize the issuance by New Semnur of up to 45,000,000 shares of                                                                                                                                 
 preferred stock and the New Semnur Certificate of Designations will designate a series of such preferred stock of New Semnur as the “Series A Preferred Stock” and the number of shares of New Semnur Series A Preferred Stock authorized 
 thereunder shall not exceed 6,000,000. The New Semnur Certificate of Designations will set forth the powers, rights, preferences, qualifications, limitations and restrictions of the New Semnur Series A Preferred Stock.