Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 55

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 55
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 for shares of New Semnur Common Stock. For additional information regarding the potential dilutive effect of such securities, see the question immediately below titled “ What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination ?” If the actual facts are different from these assumptions (which they are likely to be), the percentage ownership retained by the Denali public shareholders will be different. See “ Unaudited Pro Forma Condensed Combined Financial Information.”

| Q: | What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination? |

| A: | After the completion of the Business Combination, public shareholders will own a significantly smaller percentage of the combined company than they currently own of Denali. Consequently, public shareholders, as a group, will have a significantly reduced ownership and voting power in the combined company compared to their ownership and voting power in Denali. |

The following table sets forth the ownership percentages of New Semnur upon completion of the Business Combination assuming no redemptions, 25% redemptions, 50% redemptions, 75% redemptions, and 100% redemptions, including all sources of potential dilution. The ownership percentages reflected in the table are based upon the number of Denali Ordinary Shares and shares of Semnur Common Stock issued and outstanding as of the date of this proxy statement/prospectus and are subject to the following additional assumptions:

| • |     | Denali has an aggregate of 43,739 public shares outstanding (comprised of the 29,117 public shares currently outstanding and assuming that the holders of 14,622 Public Units have voluntarily separated such units into their component parts prior to the Closing such that the 14,622 public shares underlying such units are available for redemption in connection with the Business Combination) prior to any additional redemptions which may occur in conjunction with the proposed Business Combination; |

| • |     | a maximum of 6,000,000 shares of Semnur Preferred Stock are outstanding as of immediately prior to the Effective Time and a maximum of 600,000 shares of New Semnur Common Stock are being issued in respect thereof in connection with the Business Combination; |

| • |     | all 510,000 Denali Private Placement Units are redeemed for a corresponding number of shares of New Semnur Common Stock and New Semnur