Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 251

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 251
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130,000 were held by Denali’s directors and executive
officers. On August 30, 2024, Scilex paid the Cash Consideration under the Sponsor Interest Purchase Agreement, and on September 4, 2024, the Sponsor transferred 500,000 Denali Class B Ordinary Shares to Scilex. As a result of the
transaction under the Sponsor Interest Purchase Agreement, the Sponsor holds 1,432,500 Denali Class B Ordinary Shares, Denali’s directors and executive officers hold 130,000 Denali Class B Ordinary Shares and Scilex holds 500,000
Denali Class B Ordinary Shares. If Denali does not consummate a business combination by the Extended Date, it would cease all operations except for the purpose of winding up, redeeming all of the issued and outstanding public shares for cash
and, subject to the approval of its remaining shareholders and the Denali Board, liquidating and dissolving, subject in each case to its obligations under the Cayman Islands law to provide for claims of creditors and the requirements of other
applicable law. In such event, the 2,062,500 Denali Class B Ordinary Shares owned by the Sponsor, Denali’s directors and executive officers and Scilex would be worthless because following the redemption of the public shares, Denali would
likely have few, if any, net assets and because the Sponsor, Denali’s directors and officers and Scilex have agreed to waive their respective rights to liquidating distributions from the Trust Account in respect of any Denali Class A
Ordinary Shares and Denali Class B Ordinary Shares held by it or them, as applicable, if Denali fails to complete a business combination within the required period. Additionally, in such event, the 510,000 Denali Private Placement Warrants purchased
by the Sponsor simultaneously with the consummation of the IPO for an aggregate purchase price of $5,100,000 will also expire worthless. The 2,062,500 shares of New Semnur Common Stock into which the 2,062,500 Denali Class B Ordinary Shares held by
the Sponsor, Denali’s directors and officers and Scilex will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $30,943,725 based upon the closing
price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent pract