Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 53

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 53
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 Class A Ordinary Shares were redeemed at a per share redemption price of $11.47. As a result, approximately $43.4 million was removed from the Trust Account subsequent to July 11, 2024. On April 11, 2025, Denali held an extraordinary general meeting to vote on a proposal to approve an amendment to its Current Denali Charter to extend the deadline by which it must complete its initial business combination from April 11, 2025 to December 11, 2025. In connection with this proposal, it was required to give its public shareholders redemption rights. A total of 708,098 Denali Class A Ordinary Shares were redeemed at a per share redemption price of $12.17. As a result, approximately $8.6 million was removed from the Trust Account subsequent to April 11, 2025. Denali estimates that approximately $12.10 per issued and outstanding share issued in the IPO will be paid to the public investors exercising their redemption rights. |

| Q: | What equity stake will current Denali shareholders and Semnur stockholders hold in New Semnur after the Closing? |

| A: | It is anticipated that, upon the closing of the Business Combination, if none of the 43,739 Denali Class A Ordinary Shares (which includes 14,622 shares underlying the Public Units) currently issued and outstanding and subject to redemption have been redeemed, Denali’s public shareholders will retain an ownership interest of less than 0.1% in New Semnur, the Initial Shareholders will retain an ownership interest of approximately 0.7% in New Semnur, and Scilex, as the controlling stockholder of Semnur prior to such closing, will own approximately (i) 83.8% of New Semnur in the form of New Semnur Common Stock (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus) and (ii) 2.5% of New Semnur in the form of New Semnur Series A Preferred Stock, which will give Scilex 86.3% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will be the single largest stockholder of New Semnur following the completion of the Business Combination and will directly own nearly all of the New Semnur voting securities expected to be outstanding immediately following the completion of the Business Combination