Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 118

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 118
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 is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?”                                                                               |

| (6) | Represents the number of shares of New Semnur Series A Preferred Stock issued under the Debt Exchange Agreement                                                                                                                                           
 (as described in the preceding footnote (5)). The New Semnur Series A Preferred Stock will be issued only to Scilex (as the sole holder of Semnur Preferred Stock) in connection with the closing of the Business Combination and is not convertible into 
 shares of New Semnur Common Stock. Accordingly, the ownership percentage is shown for illustrative purposes only, as a number of the rights, preferences and privileges of the New Semnur Series A Preferred Stock are determined based on an as          
 converted to common stock basis.                                                                                                                                                                                                                          |

| (7) | The number of shares of New Semnur Common Stock to be held by the consultants and other service providers party                                                                                                                                       
 to the Consulting Services Agreements at the Closing is based on an aggregate of 24,400,000 shares of Semnur Common Stock held by such consultants and other service providers prior to the closing of the Business Combination, which shares will be 
 converted into an aggregate of 30,500,000 shares of New Semnur Common Stock in connection with the Business Combination pursuant to the terms of the Merger Agreement.                                                                                |

| (8) | Represents the aggregate number of shares of New Semnur Common Stock expected to be issued upon conversion of                                                                                                                                             
 the Denali Promissory Notes (if converted) (other than the convertible promissory note dated August 9, 2024, by and between Denali and Scilex in the total principal amount of $180,000, which bears no interest and may be converted in whole or in part 
 into additional Denali Class A Ordinary Shares at a conversion price of $10.00 per ordinary share, which is included in footnote (5) above), including interest (as and if applicable) through September 30, 2025.                                        |

| (9) | Represents the aggregate number of shares of New Semnur Common Stock expected to be issued to the Denali   
 Underwriters pursuant to a letter agreement to be entered into between Denali and the Denali Underwriters. |

| (10) | The total number of shares at the Closing under each redemption scenario excludes the potential dilutive effect                                                                                                                                        
 of the following securities because it is unknown whether such securities will ever