Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 87

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 87
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 of the Merger Agreement and outstanding immediately prior to the Effective Time.

The “Merger Consideration” is 250,000,000 shares of New Semnur Common Stock, which is equal to the quotient of (i) the sum of (A)
$2.5 billion plus (B) the product of (1) the aggregate number of shares of Semnur Common Stock and Semnur stock options issued after the date of the Merger Agreement and outstanding immediately prior to the Effective time multiplied by (y) 1.25
multiplied by (2) $10.00, divided by (ii) $10.00.

The aggregate number of shares of New Semnur Series A Preferred Stock to be issued to the holders of
Semnur Preferred Stock will be determined based on the number of shares of Semnur Preferred Stock outstanding prior to the Effective Time. The number of shares of Semnur Preferred Stock outstanding prior to the Effective Time will be based on the
aggregate amount of intercompany indebtedness owed by Semnur to Scilex that is outstanding as of immediately prior to the Effective Time, which indebtedness is being exchanged for Semnur Preferred Stock prior to the Closing pursuant to the Debt
Exchange Agreement. The maximum number of shares of Semnur Preferred Stock that may be issued to Scilex pursuant to the Debt Exchange Agreement shall not exceed 6,000,000 and therefore the aggregate number of shares of New Semnur Series A Preferred
Stock and New Semnur Common Stock to be issued to Scilex as the holder of Semnur Preferred Stock shall not exceed 6,000,000 and 600,000, respectively. The shares of New Semnur Series A Preferred Stock and New Semnur Common Stock to be issued to
Scilex as the holder of Semnur Preferred Stock being collectively referred to herein as the “Preferred Consideration”. See the section titled “Certain Relationships and Related Party

38

Transactions—Certain Transactions of Semnur—Debt Exchange Agreement and Related Matters” for a discussion of the terms of the Debt Exchange Agreement and the section titled “Certain Relationships and Related Party Transactions—Certain Transactions of Denali—Stockholder Agreement with Scilex” for a discussion of the terms of the New Semnur Series A Preferred Stock and certain rights of Scilex related thereto.

Closing

In accordance with the terms and subject
to the conditions of the Merger Agreement, the Closing will take place