Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 393

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 393
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 than being specifically 
 required to be issued for the consummation of the Business Combination itself.                                                                                                                                                                            |

| • |     | The Denali Board believes that the classification of the board of directors is in the best interest of the                                                                                                                                          
 post-Business Combination company because it is designed to assure the continuity and stability of the Denali Board’s leadership and policies by ensuring that at any given time a majority of the directors will have prior experience with Denali 
 and, therefore, will be familiar with its business and operations. The Denali Board also believes that this classification will assist the Denali Board in protecting the                                                                           |

235

| interests of our stockholders in the event of an unsolicited offer to the Denali Board by encouraging any potential acquirer to negotiate directly with the Denali Board. |

| • |     | The Denali Board believes that the supermajority voting requirements are appropriate to protect all stockholders                                                                                                                                          
 of Denali against the potential self-interested actions by one or a few large stockholders after the Business Combination, at such time as the Scilex Group first ceases to beneficially own more than 50% in voting power of the then-outstanding shares 
 of stock of New Semnur entitled to vote generally in the election of directors. In reaching this conclusion, the Denali Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common       
 stock following the Business Combination, particularly after the Scilex Trigger Event. The Denali Board further believes that going forward, if, and after, the Scilex Trigger Event, a supermajority voting requirement encourages the person            
 seeking control of Denali to negotiate with the Denali Board to reach terms that are appropriate for all stockholders.                                                                                                                                    |

| • |     | The Denali Board believes that it is desirable to prohibit, from and after the Scilex Trigger Event, stockholder                                                                                                                             
 action by written consent as a prudent corporate governance measure to reduce the possibility that a block of stockholders could take corporate actions without the benefit of a stockholder meeting to consider important corporate issues. |

| • |     | The Denali Board believes that the Proposed Charter is appropriate to adequately update the Current Charter for                                                                                                                                          
 the post-Business Combination company, because it will eliminate obsolete language that will no longer be applicable following the consummation of the Business Combination and make such other changes that are more appropriate for a public operating 
 company.                                                                                                                                                                                                                                                 |