Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 587

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 587
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 the lower of (a) 8.0 million shares of New Semnur Common Stock or (b) 4% of outstanding shares of New Semnur Common Stock, subsequent to closing of the Business Combination, in exchange for providing consulting and advisory services related to Semnur’s business, financing, and mergers and acquisitions opportunities for a period of 12 months. Based on the assumed redemption scenarios reflected within these unaudited pro formas, the advisors would be entitled to receive 8.0 million shares in all of the redemption scenarios. Additionally, the expense reflected above assumes that the fair value of the New Semnur Common Stock to be issued to the advisors is $10.00 and assumed to be recognized during the year ended December 31, 2024 as if the Business Combination had occurred on January 1, 2024. The expense related to the advisor shares will not have a continuing impact on the operations of New Semnur. |

| (AB) | Reflects the reversal of interest expense on Denali’s Notes Payable which are assumed to be settled as part of the Business Combination. |

(AC) Reflects the elimination of Income on Investments in Trust Account. Note 5 — Net Income (Loss) per Share Net income (loss) per share is calculated based on the weighted average of New Semnur Common Stock outstanding and the issuance of additional shares in connection with the Business Combination, assuming the shares were outstanding since January 1, 2025 for the three months ended March 31, 2025, and as of January 1, 2024 for 357

the year ended December 31, 2024. As the Business Combination is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net income (loss) per share assumes that the shares issuable relating to the Business Combination have been outstanding for the entire period presented. If the maximum or an interim number of shares of Denali Class A Ordinary Shares are redeemed, this calculation is retroactively adjusted to eliminate such shares for the entire period.

|                                                                           |     | As of March 31, 2025 |         |   |     |               |         |   |     |               |         |   |     |               |         |   |     |                |         |   |
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