Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 2
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0001 per share (the “New Semnur Series A Preferred

i

Stock”), and (b) one-tenth of one share of New Semnur Common Stock and (iii) subject to the approval of the Option Exchange Proposal, each
option to purchase Semnur Common Stock that is outstanding as of immediately prior to the Effective Time will be exchanged for a number of options exercisable for newly issued shares of New Semnur Common Stock based upon the Exchange Ratio. The
total consideration to be received by holders of Semnur Common Stock and, subject to the approval of the Option Exchange Proposal, Semnur options, at the Closing will be newly issued shares of New Semnur Common Stock with an aggregate value, as of
the date of the Merger Agreement, equal to $2.5 billion (the “Merger Consideration”), as such amount may be adjusted in respect of any shares of Semnur Common Stock and options to purchase shares of Semnur Common Stock issued prior
to closing of the Business Combination pursuant to the terms of the Merger Agreement. The Merger Consideration was determined based on the valuation range provided in the opinion of CB Capital Partners, Inc. (“CB Capital”). As disclosed
elsewhere in this proxy statement/prospectus, Semnur is a majority owned subsidiary of Scilex. Holders of Denali Ordinary Shares and other potential investors should be aware that the current market capitalization of Semnur’s parent company,
Scilex, is approximately $61.6 million, as of July 18, 2025. As more fully described elsewhere in this proxy statement/prospectus, the maximum number of shares of New Semnur Series A Preferred Stock and New Semnur Common Stock to be issued to
the holders of Semnur Preferred Stock at the Closing shall not exceed 6,000,000 and 600,000, respectively, such newly issued shares being collectively referred to herein as the “Preferred Consideration”.

The New Semnur Series A Preferred Stock will be issued only to Scilex (as the sole holder of Semnur Preferred Stock) upon the closing of the Business
Combination and will have rights, preferences and privileges that are senior, or in addition, to the rights, preferences and privileges of the holders of New Semnur Common Stock, including the right to receive, in the event of a change of control,
liquidation dissolution or winding up of New Semnur, a preference amount out