Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 52

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 52
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 receive their per share redemption price out of the funds in the Trust Account. The balance of the funds will be released to Semnur to fund working capital needs of New Semnur. As of October 17, 2024, there was approximately $8.9 million in the Trust Account. On July 11, 2024, 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 July 11, 2024 to April 11, 2025. In connection with this proposal, it was required to give its public shareholders redemption rights. A total of 3,785,992 Denali 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)