Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 3

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 3
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 of the assets available for distribution to stockholders before any distribution can be made to holders of New Semnur Common Stock. Further, pursuant to the terms of the
Stockholder Agreement entered into between Denali and Scilex, from and after the Effective Time, and for so long as Scilex beneficially owns any shares of New Semnur Series A Preferred Stock, among other things, Scilex shall have the right, but not
the obligation, to designate each director to be nominated, elected or appointed to the New Semnur Board. The Stockholder Agreement also provides that New Semnur will be prohibited from taking certain actions without the consent of Scilex. For more
information on the terms of the New Semnur Preferred Stock, see the section titled “Description of New Semnur Securities —New Semnur PreferredStock Following the Business Combination” and the section titled “Certain Relationships and Related Party Transactions—Certain Transactions of Denali—Stockholder Agreement with Scilex.”

On August 30, 2024, Denali Capital Global Investments LLC (the “Sponsor”) and Scilex entered into a
sponsor interest purchase agreement (the “Sponsor Interest Purchase Agreement”), pursuant to which Scilex purchased 500,000 Denali Class B Ordinary Shares (the “Purchased Interests”), that were then-held by the Sponsor.
The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash Consideration”) and (ii) 300,000 shares of common stock, par value $0.0001 per share, of Scilex (the “Scilex
Shares”). Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash Consideration and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased
Interests will convert automatically, on a one-for-one basis, into one share of New Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

This proxy statement/prospectus relates to the registration of: (i) 292,476,239 shares of New Semnur Common Stock, which consists of (a) 2,091,617 shares
issuable in exchange for all outstanding Denali Ordinary Shares in connection with the Domestication, (b) 250,600,000 shares, the maximum