Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 59

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 59
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 |    86,625 |     |           |  10.3 | % |     |                |    86,625 |     |           |  10.3 | % |     |                 |    86,625 |     |           |  10.4 | % |
| Total Number of Shares                                                 |     |               | 3,010,747 |     |           | 100.0 | % |     |                | 2,999,812 |     |           | 100.0 | % |     |                | 2,988,877 |     |           | 100.0 | % |     |                | 2,977,942 |     |           | 100.0 | % |     |                 | 2,967,008 |     |           | 100.0 | % |

The calculation in this footnote (2), used as the denominator for each book value per share as of March 31, 2025, as adjusted, excludes shares of common stock issued as Merger Consideration to the former securityholders of Semnur from the denominator of the per-share calculation as well as certain securities that could be potential sources of dilution after the closing of the Business Combination, including: 8,235,378 shares underlying public warrants and 510,000 shares underlying private warrants forming part of the Denali private placement units; approximately 50,000,000 shares of New Semnur Common Stock reserved for issuance to Semnur option holders (assuming approval of the Option Exchange Proposal); and approximately 8,000,000 shares of New Semnur Common Stock issuable as consultant fees.

| Q: | What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders? |

| A: | On October 27, 2024, the Scilex Board, Semnur’s controlling stockholder, declared a stock dividend (the “Scilex Dividend”) consisting of an aggregate of 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock, par value $0.0001 per share, of Scilex (the “Scilex Series 1 Preferred Stock”) to record holders of certain securities of Scilex as of the close of business on November 7, 2024, which was subsequently changed to May 2, 2025 (the “Scilex Record Date”). The