Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 13

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 13
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| Denali Underwriters |     | Pursuant to the Deferred Discount Agreement, the Denali Underwriters are expected to receive the Common Stock Consideration upon closing of the Business Combination.                                                                            |     | Remaining $2,021,250 of the aggregate Deferred Discount are expected to remain payable to the Denali Underwriters at the Closing in cash in accordance with the terms of the Underwriting Agreement. |

vii

Conflicts of Interest Since the Sponsor, its affiliates, representatives and the officers and directors of Denali (the “Sponsor Persons”), have interests that are different, or in addition to (and which may conflict with), the interests of the other holders of Denali Class A Ordinary Shares, a conflict of interest may exist in determining whether the Business Combination with Semnur is appropriate. Such interests include that the Sponsor Persons will lose their entire investment in Denali if Denali does not complete a business combination. When you consider the recommendation of the Denali Board in favor of approval of the Business Combination Proposal and the other proposals, you should keep in mind that the Sponsor Persons have interests in such proposal that are different from, or in addition to (which may conflict with), those of the Denali shareholders generally. These conflicts of interest include, among other things, the interests listed below:

| • |     | If Denali is unable to complete a business combination within the required time period, the aggregate dollar amount of non-reimbursable funds the Sponsor and its affiliates have at risk that depends on completion of a business combination is $6,548,237, comprised of (i) $25,000 representing the aggregate purchase price paid for the Denali Class B Ordinary Shares, (ii) $5,100,000 representing the aggregate purchase price paid for the Denali Private Placement Units, (iii) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Convertible Promissory Note and (iv) $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