Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 135

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 135
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 Combination. New Semnur will receive intercompany funding and capital support from Scilex until New Semnur obtains sufficient financing on its own. New Semnur will also seek to raise additional funds through various potential sources, such as equity offerings, debt financings, collaborations, government contracts or other capital sources, including potential collaborations with other companies or other strategic transactions. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur — Liquidity and Capital Resources — Future Liquidity Needs.” |

Anticipated Accounting Treatment The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with GAAP, whereby Denali is treated as the acquired company and Semnur is treated as the acquirer. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization. The net assets of Denali will be stated at carrying value, with no goodwill or other intangible assets recorded. Subsequently, results of operations presented for the periods prior to the Business Combination will be those of Semnur. Redemption Rights Pursuant to the Current Denali Charter, a public shareholder may elect to have their Denali Class A Ordinary Shares redeemed for cash at the applicable redemption price per share equal to the quotient obtained by dividing (i) the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest (net of taxes payable) and not previously released to Denali to pay its taxes, by (ii) the total number of then-outstandingpublic shares. As of March 31, 2025, this would have amounted to approximately $12.13 per public share. You will be entitled to receive cash for any public shares to be redeemed only if you:

| (i) | (a) hold public shares, or |

| (b) | hold public shares through Public Units and you elect to separate your Public Units into the underlying public shares and Public Warrants prior to exercising your redemption rights with respect to the public shares; and |

| (ii) | prior to 5:00 p.m., Eastern Time, on        , 2025, (a) submit a written request to VStock that Denali redeem your public shares for cash and (b) deliver your public shares to VStock, physically or electronically through