Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 408

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 408
---
ator and initial board of directors following the Domestication and prior to the Effective Time. Reasons for the Approval of the Charter Approval Proposal In the judgment of the Denali Board, the Proposed Charter is necessary to adequately address the needs of the post-Business Combination company. In particular:

| • |     | The Proposed Charter provides for authorized capital stock of 785,000,000 shares, consisting of 740,000,000 shares of New Semnur Common Stock and 45,000,000 shares of New Semnur Preferred Stock (of which not more than 6,000,000 shares will be designated as New Semnur Series A Preferred Stock prior to the Closing). This represents an increase of 565,000,000 shares of common stock (as compared to the 220,000,000 ordinary shares currently authorized) and 44,000,000 shares of preferred |

234

| stock (as compared to the 1,000,000 preference shares currently authorized). This increase in authorized capital is necessary for several reasons. Specifically, to complete the Business Combination and related transactions, Denali estimates that it will need a minimum of an aggregate of approximately 276.4 million shares of New Semnur Common Stock and Series A Preferred Stock available for issuance, comprised of: |

| • |     | approximately 211.6 million shares of New Semnur Common Stock that will be issued and outstanding immediately following the consummation of the Business Combination, comprised of (a) approximately 201.1 million shares of New Semnur Common Stock to be issued to Semnur securityholders (including Scilex), (b) up to 600,000 shares of New Semnur Common Stock (to be issued to Scilex in respect of up to 6.0 million shares of Semnur Preferred Stock), and (c) an aggregate of approximately 9.9 million shares issuable upon the conversion or exchange of certain Denali securities (including for the Initial Shareholders of Denali, holders of Private Units, and convertible promissory notes), and shares to be issued in connection with consulting services agreements and underwriter fees; |

| • |     | approximately 58.8 million shares of New Semnur Common Stock that will be reserved for issuance at the Closing to cover the shares of New Semnur Common Stock issuable upon exercise or separation of the following securities: (a) 8,235,378 Public Warrants, (b) 14,622