Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 5

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 5
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2.5% of New Semnur in the form of New Semnur Series A Preferred Stock, which will give
Scilex 86.3% of the voting power of New Semnur’s capital stock. If all of the 43,739 Denali Class A Ordinary Shares (which includes 14,622 shares underlying the Public Units) currently issued and outstanding and subject to redemption have
been redeemed, Denali’s public shareholders would not own any shares of New Semnur Common Stock, the Initial Shareholders will retain an ownership interest of approximately 0.7% in New Semnur, and Scilex will own approximately (i) 83.8% of New
Semnur in the form of shares of New Semnur Common Stock (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus) and (ii) 2.5% of New Semnur in the form of shares of New Semnur
Series A Preferred Stock, which will give Scilex 86.3% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will be the single largest stockholder of New Semnur following the completion of the Business
Combination and will directly own nearly all of the New Semnur voting securities expected to be outstanding immediately following the completion of the Business Combination.

The foregoing ownership percentages with respect to New Semnur do not take into account the potential dilutive effect of all of the Public Warrants, the
Public Warrants underlying the Public Units, the Denali Private Placement Warrants underlying the Denali Private Placement Units, and shares that may be issued upon exercise of options to acquire shares of New Semnur Common Stock that may be issued
to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal) because it is unknown whether such warrants and stock options will ever be exercised for shares of New Semnur Common Stock. For
additional information regarding the potential dilutive effect of such securities, see the section titled “Questions and Answers About the Business Combination and the Meeting — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” If the actual facts are different from these assumptions (which they are likely to be), the percentage
ownership retained by the Denali public shareholders will be different.