Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 684

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 684
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ur owed to Scilex shall be extinguished in its entirety and shall be of no further force or effect and shall be deemed paid
and satisfied in full and irrevocably and automatically discharged, terminated and released.

Assuming that the Aggregate Outstanding Amount was
$50,754,784 (the amount outstanding as of March 31, 2025), then based on the preceding sentence, the aggregate number of shares of Semnur Series A Preferred Stock

447

issued to Scilex prior to the Effective Time pursuant to the Debt Exchange Agreement would be 5,075,478 shares. At the Effective Time such shares would be exchanged for 5,075,478 shares of New
Semnur Series A Preferred Stock and 507,548 shares of New Semnur Common Stock. The Aggregate Outstanding Amount as of Closing will be exchanged for equity, regardless of the amount of Denali Ordinary Shares that are redeemed in connection with
the Business Combination.

Stockholder Agreement with Scilex

On August 30, 2024, Denali entered into the Stockholder Agreement with Scilex.

Pursuant to the terms of the Stockholder Agreement (and subject to certain rights of Oramed), from and after the Effective Time, and for so long as the Scilex
beneficially owns any shares of New Semnur Series A Preferred Stock, among other things, (i) Scilex shall have the right, but not the obligation, to designate a Stockholder Designee or Stockholder Designees, regardless of (a) whether such
Stockholder Designee is to be elected to the New Semnur Board at a meeting of stockholders called for the purpose of electing directors (or by consent in lieu of meeting) or appointed by the New Semnur Board in order to fill any vacancy created by
the departure of any director or increase in the authorized number of members of the New Semnur Board or (b) the size of the New Semnur Board and (ii) New Semnur will be required to take all actions reasonably necessary, and not otherwise
prohibited by applicable law, to cause each Stockholder Designee to be so nominated, elected or appointed to the New Semnur Board as more fully described in the Stockholder Agreement. Scilex shall also have the right to designate a replacement
director for any Stockholder Designee that has been removed from the New Semnur Board and the right to appoint a representative of Sc