Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 444

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 444
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 funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete
the Business Combination. To the extent that the Company’s share capital or debt is used,

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in whole or in part, as consideration to complete a Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target
business or businesses, make other acquisitions and pursue the Company’s growth strategies.

Fair Market Value of Target Business

The target business or businesses that Denali acquires must collectively have a fair market value equal to at least 80% of the assets
held in the Trust Account (excluding the amount of deferred underwriting discounts held in, and taxes payable on, the income earned on the Trust Account) at the time of the execution of a definitive agreement for Denali’s initial business
combination. The Denali Board considered the opinion delivered by CB Capital to the effect that, as of the date of the opinion, and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review
undertaken and qualifications contained in the opinion, the valuation range for the acquired assets referenced therein, from a financial point of view, of between $2.001 billion and $2.554 billion, and from a financial point of view, that
the Business Combination is a fair one, and accordingly that Semnur has a fair market value equal to at least eighty percent (80%) of the balance of funds in the Trust Account (excluding deferred underwriting commissions and taxes payable). As
disclosed elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. Holders of Denali Ordinary Shares and other potential investors should be aware that the current market capitalization of Semnur’s parent
company, Scilex, is approximately $61.6 million, as of July 18, 2025.

Redemption Rights in Connection with Shareholder Approval of Business Combinations

Under the Current Denali Charter, if Denali is required by law or elects to seek shareholder approval of its initial
business combination, holders of Denali Class A Ordinary Shares must be given the opportunity to redeem their Denali Class A Ordinary Shares in connection with the proxy solicitation for the applicable shareholder meeting, regardless of
whether they vote for or against the Business Combination, subject to the limitations described in the prospectus for Denali’s IPO. Accordingly, in connection with the