Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 43

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 43
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 the section titled “ Description of New Semnur Securities — New Semnur Preferred Stock Following the Business Combination” and the section titled “ Certain Relationships and Related Party Transactions — Certain Transactions of Denali — Stockholder Agreement with Scilex” .

| Q: | When is the Business Combination expected to occur? |

For a description of the conditions to the completion of the Business Combination, see the section titled “ The Merger Agreement — Closing Conditions.”

| Q: | What happens if the Business Combination is not consummated? |

| A: | If Denali does not consummate a business combination by December 11, 2025, it will trigger its automatic                                                                                                                                                
 winding up, dissolution and liquidation pursuant to the terms of the Current Denali Charter. As a result, this has the same effect as if Denali had formally gone through a voluntary liquidation procedure under the laws of the Cayman Islands.       
 Accordingly, no vote would be required from Denali’s shareholders to commence such a voluntary winding up, dissolution and liquidation. If Denali is unable to consummate its initial business combination by December 11, 2025, it will (a)            
 cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of issued and outstanding Denali Class A Ordinary Shares, at a per share price,           
 payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to Denali (less taxes payable and up to US$100,000 of interest to pay 
 dissolution expenses), divided by the number of then Denali Class A Ordinary Shares in issue, which redemption will completely extinguish public shareholders’ rights as a shareholder of Denali (including the right to receive further                
 liquidation distribution, if any); and (c) as promptly as reasonably possible following such redemption, subject to the approval of Denali’s remaining shareholders and the directors of Denali, liquidate and dissolve, subject in each case to        
 its obligations under Cayman Islands law                                                                                                                                                                                                                |

12

| to provide for claims of creditors and other requirements of other applicable law. Public shareholders will also forfeit any Public Warrants owned (including any Public Warrants included in any                                                   
 Public Unit that has not previously been separated). The estimated consideration that each Denali Class A Ordinary Share would be paid at liquidation would be approximately $12