Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 392

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 392
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 will be reserved for issuance at the Closing to                                                                                                                                      
 cover the shares of New Semnur Common Stock issuable upon exercise or separation of the following securities: (a) 8,235,378 Public Warrants, (b) 14,622 warrants underlying Public Units, (c) 510,000 warrants underlying the Denali Private Placement 
 Units, and (d) 50,000,000 stock options to acquire shares of New Semnur Common Stock to be exchanged for existing Semnur stock options (assuming approval of the Option Exchange Proposal); and                                                        |

| • |     | a maximum of 6,000,000 shares of Series A Preferred Stock, the maximum number of such shares that may be issued 
 to Scilex upon consummation of the Business Combination.                                                        |

A more detailed breakdown of the foregoing share issuances and reserves is provided elsewhere in this proxy statement/prospectus, including in the sections titled “ Proposal 1 — The Business Combination Proposal — Total Shares of Common Stock and Preferred Stock Outstanding Upon Consummation of the Business Combination” and “Questions and Answers about the Business Combination and the Meeting — 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?”

| • |     | The Business Combination, as currently structured, primarily requires the issuance or reservation of New Semnur                                                                                                                                           
 Common Stock and Series A Preferred Stock, as detailed above. The approximately 270.4 million shares of New Semnur Common Stock required to complete the Business Combination and cover related obligations constitute a significant portion of the       
 proposed 740,000,000 authorized shares of New Semnur Common Stock. The remaining authorized shares beyond those immediately required for the Business Combination and related reservations, are desirable to provide New Semnur with sufficient           
 flexibility for future corporate purposes. These purposes may include, without limitation, financing its business, acquiring other businesses, forming strategic partnerships and alliances, effecting stock dividends and stock splits, and establishing 
 or making grants under any equity incentive plans or employee stock purchase plans put in place by New Semnur following the completion of the Business Combination. The 45,000,000 authorized shares of New Semnur Preferred Stock (including up to       
 6,000,000 shares to be designated as New Semnur Series A Preferred Stock prior to the Closing) are also being authorized to provide flexibility for future financing, strategic transactions, or other corporate purposes, rather