Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 426

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 426
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 the following primary reasons:

| • |     | The grant of the Semnur Options and the Option Exchange provides compensation to the Scilex employees who provide services to Semnur. Such awards will facilitate the growth of Semnur, which the Denali Board believes will create significant value for New Semnur, which will in turn benefit Denali’s shareholders after the Business Combination. |

| • |     | The Denali Board believes that the Option Exchange provides additional incentives and further aligns Scilex employees’ interests with New Semnur’s long-term strategic direction, reducing the possibility of business decisions at the Scilex level that favor short-term results of New Semnur at the expense of long-term value creation. |

| • |     | The Option Exchange is proposed in light of the grantees’ instrumental role in the development of Semnur and their efforts in pursuing capital raising and other strategic opportunities of Semnur. |

| • |     | The incentive awards provided to the grantees will promote their continued focus on New Semnur’s growth, sustainability and profitability. |

**Vote Required for Approval Approval of the Option Exchange Proposal requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the majority of the Denali Ordinary Shares present in person or represented by proxy and entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. The Option Exchange Proposal is conditioned on the approval (or waiver) of each of the other Condition Precedent Proposals. Resolution to be Voted Upon The full text of the resolution to be passed is as follows: “RESOLVED, AS AN ORDINARY RESOLUTION THAT, effective as of the effective time of the Merger, each Semnur Option that is then outstanding shall be converted into the right to receive an option relating to 252

New Semnur Common Stock upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the effective time of the Merger, including with respect to vesting and termination-related provisions, as determined in accordance with the Merger Agreement (such proposal, the “Option Exchange Proposal”). The Option Exchange Proposal is conditioned on the approval of the other Condition Precedent Proposals.”

Recommendation of the Denali Board

THE DENALI BOARD UNANIMOUSLY RECOMMENDS THAT DENALI’S SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE OPTION EXCHANGE PROPOSAL.

The