Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 456

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 456
---
 letter of intent with Semnur, a
majority owned subsidiary of Scilex, for a potential business combination.

On July 10, 2024, the shareholders of the Company held an extraordinary
general meeting of shareholders (the “Shareholder Meeting”) to consider and vote upon a proposal to amend, by way of special resolution, the amended and restated memorandum and articles of association of the Company to extend the date by
which the Company must: (i) consummate an initial business combination; (ii) cease its operations, except for the purpose of winding up, if it fails to complete such initial business combination; and (iii) redeem 100% of the Denali
Class A Ordinary Shares, included as part of the units sold in the IPO from July 11, 2024 to April 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis for up to nine (9) times
by an additional one month each time, unless the closing of the Company’s initial business combination has occurred, without the need for any further approval of the Company’s shareholders, provided that the Sponsor (or its affiliates or
permitted designees) will deposit into the Trust Account for each such one-month extension the lesser of (a) an aggregate of $20,000 or (b) $0.02 per public share that remains outstanding and is not
redeemed prior to any such one-month extension, unless the closing of the Company’s initial business combination has occurred, in exchange for a non-interest
bearing promissory note payable upon consummation of an initial business combination.

In connection with the Shareholder Meeting, shareholders holding
3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $43.4 million (approximately $11.47 per share) was removed from the Trust
Account to pay such holders. Following redemptions, the Company had 751,837 public shares outstanding.

On April 11, 2025, Denali held the Third Extension
Meeting. At the Third Extension Meeting, the shareholders approved amendments to the Current Denali Charter to, among other things, extend the date by which the Company must either (i) consummate a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination involving the Company and one or more businesses or entities or (