Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 10

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 10
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daq, the specific “controlled company” exemptions under Nasdaq Listing Rules would not be applicable, although Scilex’s significant voting control would still be a key factor in New Semnur’s corporate governance.

Compensation Received or to be Received by, and Securities Issued or to be Issued to, the Sponsor and its Affiliates

Denali’s sponsor is Denali Capital Global Investments LLC, a Cayman Islands limited liability company formed by Jiandong (Peter) Xu. The Sponsor initially purchased 2,156,250 Denali Class B Ordinary Shares for $25,000 (approximately $0.012 per share). On May 23, 2022, the Sponsor forfeited 93,750 Denali Class B Ordinary Shares in connection with the partial exercise of the underwriters’ over-allotment option. The Sponsor currently holds 1,432,500 Denali Class B Ordinary Shares. The Sponsor also currently holds 510,000 private placement units (the “Denali Private Placement Units”), acquired at a price of $10.00 per Denali Private Placement Unit for an aggregate investment of $5,100,000 at the time of the IPO, which will separate automatically into its component parts, comprised of 510,000 shares of New Semnur Common Stock and 510,000 New Semnur Warrants upon consummation of the Business Combination. In addition, at the option of the Sponsor, upon consummation of the Business Combination, the outstanding amounts payable under the convertible promissory note dated April 11, 2023 by and between Denali and the Sponsor (the “Sponsor Convertible Promissory Note”) and the convertible promissory note dated July 11, 2023 by and between Denali and the Sponsor (the “Sponsor Extension Convertible Promissory Note”) may be converted in whole or in part into Class A Ordinary Shares of Denali at a conversion price of $10 per share (the “Conversion Shares”), which would then become shares of New Semnur Common Stock at the Effective Time on a one-for-one basis.

Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Sponsor the Cash Consideration and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time.

Compensation Received or to be Received by, and Securities Issued or to be Issued to, the Denali Underwriters

Pursuant to the Deferred Discount Agreement, the Den