Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 613

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 613
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usiness Combination and post-Business Combination excludes the shares underlying the Public Warrants and the Denali Private Placement Warrants because those securities are not exercisable within 60 days of this proxy statement/prospectus. The expected beneficial ownership of New Semnur Common Stock and New Semnur Preferred Stock post-BusinessCombination set forth below reflects a “no redemptions” scenario and a “maximum redemptions” scenario.

| • |     | Under the “no redemptions” scenario, the expected beneficial ownership of New Semnur Common Stock and                                                                                                                                                                                                                                                                                                                                 
 New Semnur Series A Preferred Stock immediately following the closing of the Business Combination has been determined based on the following assumptions: (i) that none of the 43,739 public shares (consisting of (a) 29,117 Denali Class A                                                                                                                                                                                          
 Ordinary Shares and (b) 14,622 Denali Class A Ordinary Shares underlying the Public Units) are redeemed; (ii) that none of the investors set forth in the table below has purchased or purchases shares of Denali Ordinary Shares (pre-Business Combination) or New Semnur Common Stock or New Semnur Series A Preferred Stock (post-Business Combination); (iii) that a maximum of 6,000,000 shares of New Semnur Series A Preferred 
 Stock are issued in the Business Combination as Preferred Consideration; and (iv) that there will be an aggregate of 234,126,025 shares of New Semnur Common Stock issued and outstanding, which number of shares of New Semnur Common Stock is                                                                                                                                                                                       
 comprised of (a) the 2,616,239 Denali Ordinary Shares currently outstanding (consisting of 29,117 Denali Class A Ordinary Shares outstanding, 14,622 Denali Class A                                                                                                                                                                                                                                                                   |

387

| Ordinary Shares underlying the Public Units, 510,000 Denali Private Placement Shares underlying the Denali Private Placement Units and 2,062,500 Denali Class B Ordinary Shares) are exchanged for                                                   
 a corresponding number of shares of New Semnur Common Stock in connection with the Business Combination; (b) an aggregate of 200,600,000 shares of New Semnur Common Stock that are issued to Scilex and certain of its subsidiaries in the Business 
 Combination (such number of shares being based upon (1) 200,000,000 shares of New Semnur Common Stock issued as Merger Consideration and (2) a