Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 109

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 109
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 for the Denali Private Placement Units, (c) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Convertible Promissory Note, and (d) $115,037 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Extension Convertible Promissory Note. |

| • |     | As a result of the low initial purchase price (consisting of $25,000 for the 2,062,500 Denali Class B Ordinary Shares, or approximately $0.012 per share, and $5,100,000 for the Denali Private Placement Units), the Sponsor, its affiliates and Denali’s management team and advisors stand to earn a positive rate of return or profit on their investment, even if other shareholders, such as Denali’s public shareholders, experience a negative rate of return because the post-business combination company subsequently declines in value. Thus, the Sponsor, our officers and directors, and their respective affiliates may have more of an economic incentive for us to, rather than liquidate if we fail to complete our initial business combination by December 11, 2025, enter into an initial business combination on potentially less favorable terms with a potentially less favorable, more risky, weaker-performing or financially unstable business, or an entity lacking an established record of revenues or earnings, than would be the case if such parties had paid the full offering price for their Denali Class B Ordinary Shares. |

| • |     | The 1,562,500 shares of New Semnur Common Stock into which the 1,562,500 Denali Class B Ordinary Shares held by the Sponsor Persons will automatically convert in connection with the |

46

| Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $18,578,125, based upon the closing price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. The 510,000 shares of New Semnur Common Stock into which the 510,000 Denali Private Placement Shares underlying the Denali Private Placement Units held by the Sponsor will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $6,063,900, based upon the closing price of $11.89 per public share on the OTC Markets on