Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 15

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 15
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 the Trust Account to the Sponsor or 
 any of its affiliates prior to the closing of the Business Combination.                                           |

| • |     | The directors and officers of Denali own the number of Class B Ordinary Shares as shown below. |

| Name of Person      |     | Position                             |     | Founder 
  Shares |
| Lei Huang           |     | Chief Executive Officer and Director |     |  50,000 |
| You (“Patrick”) Sun |     | Chief Financial Officer              |     |  20,000 |
| Huifeng Chang       |     | Director                             |     |  20,000 |
| Jim Mao             |     | Director                             |     |  20,000 |
| Kevin Vassily       |     | Director                             |     |  20,000 |

The foregoing personal and financial interests of the Sponsor as well as Denali’s directors and executive officers may have influenced their motivation in identifying and selecting Semnur as a business combination target and completing an initial business combination with Semnur. Moreover, the foregoing interests present a risk that the Sponsor will benefit from the completion of a business combination, including in a manner that may not be aligned with Denali’s public shareholders. As such, the Sponsor may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate. In considering the recommendations of Denali’s Board to vote for the proposals, its shareholders should consider these interests. See “ Risk Factors — Risks Related to Denali and the Business Combination — Since the Sponsor, Denali’s directors and executive officers and Scilex have x

interests that are different, or in addition to (and which may conflict with), the interests of our shareholders, a conflict of interest may have existed in determining whether the Business Combination with Semnur is appropriate as our initial business combination. Such interests include that Sponsor and Scilex will lose its entire investment in us if our initial business combination is not completed.”

Material Financing Transactions in connection with the Business Combination

Since the IPO, the following material financing transactions have occurred or will occur in connection with the consummation of the Business
Combination.

Working Capital Loans

As of March 31, 2025, $1,523,237 was outstanding under the Working Capital Loans in the form of the Sponsor Convertible Promissory Note and the
Sponsor Extension Convertible Promissory Note.

On April 11, 2023, Denali