Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 106

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 106
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 and the Sponsor Extension Convertible Promissory Note may be converted in whole or 
 in part into Denali Class A Ordinary Shares at a conversion price of $10 per share, which would then become                                                                                                                                             |     | At Closing, pursuant to the Merger Agreement, New Semnur will use cash from the Trust Account to pay Denali transaction expenses and to reimburse or pay Sponsor for any outstanding loans or other obligations of Denali currently                 
 estimates that the total amount payable for Denali transaction expenses and any outstanding loans or other obligations of Denali to Sponsor is approximately $10.5 million, inclusive of the $1,523,237 principal balance under the Working Capital 
 Loans, as of March 31, 2025. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into 
 Denali Class A Ordinary Shares, at a price of $10.00 per share, upon consummation of the initial business combination. The shares would be identical to the Denali Private Placement Shares underlying the Denali                                   
 Private                                                                                                                                                                                                                                             |

51

| Scilex        |     | shares of New Semnur Common Stock at the Effective Time on a one-to-one basis.                                                                                                                                                     
 Pursuant to the Sponsor Interest Purchase Agreement, Scilex has agreed to issue the                                                                                                                                                
 Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time.                                                                                                                                   
 Pursuant to the Sponsor Interest Purchase Agreement, Scilex has received $500,000 Denali Class B Ordinary Shares on September 4,                                                                                                   
 2024.                                                                                                                                                                                                                              |     | Placement Units that the Sponsor purchased on April 6, 2022. The retention of shares by Sponsor and its affiliates and the                        
 reimbursements payable to Sponsor at Closing will not result in a material dilution of the equity interests of non-redeeming Denali Shareholders. 
 Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash                                                                         
 Consideration.                                                                                                                                    |
|:--------------|:----|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--------------------------------------------------------------------------------------------------------------------------------------------------|
| Huifeng Chang |     | Huifeng Chang, a director of Denali, currently holds 20,000 Denali Class B Ordinary Shares. Upon the completion of the Business Combination, Huifeng Chang shall hold a total of 20