Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 568

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 568
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 29,117 public shares currently outstanding and assuming that the holders of 14,622 Public Units have voluntarily separated such units into their component parts prior to the Closing such that the 14,622 public shares underlying such units are available for redemption in connection with the Business Combination) prior to any additional redemptions which may occur in conjunction with the proposed Business Combination.

| • |     | Assuming No Redemptions: This scenario assumes that no Denali public shareholders exercise their right to redeem any of their Denali Class A Ordinary Shares for a pro rata portion of the funds in the Trust Account, and thus the full amount held in the Trust Account as of the Closing is available for the Business Combination. |

| • |     | Assuming 25% Redemptions: This scenario assumes that 10,935 Denali Class A Ordinary Shares (25% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $133,079 to be redeemed out of the Trust Account. |

| • |     | Assuming 50% Redemptions: This scenario assumes that 21,870 Denali Class A Ordinary Shares (50% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $266,158 to be redeemed out of the Trust Account. |

| • |     | Assuming 75% Redemptions: This scenario assumes that 32,805 Denali Class A Ordinary Shares (75% of the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $399,237 to be redeemed out of the Trust Account. |

| • |     | Assuming 100% Redemptions: This scenario assumes that 43,739 Denali Class A Ordinary Shares are redeemed at approximately $12.17 per share for an aggregate payment of $532,304 to be redeemed out of the Trust Account. |

The actual results are expected to be within the parameters described by the five redemption scenarios. However, there can be no assurance regarding which scenario will be closest to the actual results. Under each scenario, Scilex, Semnur’s equity holder, maintains a controlling financial interest over New Semnur. The Business Combination is expected to be accounted for as a reverse recapitalization. Because Scilex controls Semnur before the Business Combination and is also expected to control New Semnur