Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 8

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 8
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the New Semnur Common Stock is listed on Nasdaq following the Business Combination, New Semnur would qualify as a “controlled company” within the meaning of Nasdaq’s corporate governance rules. This status would permit New Semnur
to elect not to comply with certain Nasdaq corporate governance requirements, such as the requirement that a majority of its board of directors consist of independent directors and that its nominating and corporate governance and compensation
committees be composed entirely of independent directors. While New Semnur does not presently intend to rely on these exemptions, should it become a Nasdaq-listed controlled company, New Semnur may opt to utilize such exemptions in the future as
long as it remains a controlled company and its securities are listed on Nasdaq (or another exchange that provides similar exemptions). If New Semnur’s securities are not listed on Nasdaq, the specific “controlled company”
exemptions under Nasdaq Listing Rules would not be applicable, although Scilex’s significant voting control would still be a key factor in New Semnur’s corporate governance.

Compensation Received or to be Received by, and Securities Issued or to be Issued to, the Sponsor and its Affiliates

Denali’s sponsor is Denali Capital Global Investments LLC, a Cayman Islands limited liability company formed by Jiandong (Peter) Xu. The Sponsor
initially purchased 2,156,250 Denali Class B Ordinary Shares for $25,000 (approximately $0.012 per share). On May 23, 2022, the Sponsor forfeited 93,750 Denali Class B Ordinary Shares in connection with the partial exercise of the
underwriters’ over-allotment option. The Sponsor currently holds 1,432,500 Denali Class B Ordinary Shares. The Sponsor also currently holds 510,000 private placement units (the “Denali Private Placement Units”), acquired at a
price of $10.00 per Denali Private Placement Unit for an aggregate investment of $5,100,000 at the time of the IPO, which will separate automatically into its component parts, comprised of 510,000 shares of New Semnur Common Stock and 510,000 New
Semnur Warrants upon consummation of the Business Combination. In addition, at the option of the Sponsor, upon consummation of the Business Combination, the outstanding amounts payable under the convertible promissory note dated April 11, 2023
by and between Denali and the Sponsor