Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 348

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 348
---
ed any potential risk created by the conflicts stemming from these interests. In consideration of the interests set forth below, Denali’s directors and officers also engaged CB Capital, which
rendered an opinion with respect to the fairness

205

of the Merger Consideration to Denali and its unaffiliated ordinary shareholders from a financial point of view, which the members of the Denali Board factored into their decision to approve the Merger Agreement. For more information regarding the opinion, see the section titled “ Proposal 1 — The Business Combination Proposal — Opinion of CB Capital.” Additionally, the members of the Denali Board determined that these interests could be adequately disclosed to shareholders in this proxy statement/prospectus and that Denali shareholders could take them into consideration when deciding whether to vote in favor of the proposals set forth herein. These interests include, among other things, the interests listed below:

| • |     | If Denali is unable to complete a business combination within the required time period, the aggregate dollar                                                                                                                                  
 amount of non-reimbursable funds the Sponsor and its affiliates have at risk that depends on completion of a business combination is $6,548,237, comprised of (i) $25,000 representing the aggregate purchase                                 
 price paid for the Denali Class B Ordinary Shares, (ii) $5,100,000 representing the aggregate purchase price paid for the Denali Private Placement Units, (iii) $1,408,200 representing the aggregate amount outstanding as of March 31, 2025 
 under the Sponsor Convertible Promissory Note and (iv) $115,037 representing the aggregate amount outstanding as of March 31, 2025 under the Sponsor Extension Convertible Promissory Note.                                                   |

| • |     | As a result of the low initial purchase price (consisting of $25,000 for the 2,062,500 Denali Class B                                                                                                                                                    
 Ordinary Shares, or approximately $0.012 per share, and $5,100,000 for the Denali Private Placement Units), the Sponsor, its affiliates and Denali’s management team and advisors stand to earn a positive rate of return or profit on their             
 investment, even if other shareholders, such as Denali’s public shareholders, experience a negative rate of return because the post-business combination company subsequently declines in value. Thus, the Sponsor, our officers and directors, and      
 their respective affiliates may have more of an economic incentive for us to, rather than liquidate if we fail to complete our initial