Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 560

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 560
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,000,000 as of immediately prior to the Closing.

In connection with the execution and delivery of the Merger
Agreement, the Sponsor and Scilex entered into the Sponsor Interest Purchase Agreement. Pursuant to the SIPA, Scilex purchased the Purchased Interests of Denali that are currently held by the Sponsor. The aggregate consideration for the purchase and
sale of the Purchased Interests is as follows: (i) $2,000,000, the Cash Consideration and (ii) 300,000 Scilex Shares. Pursuant to the SIPA, Scilex has paid the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the
Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into one New
Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

As described elsewhere in this proxy
statement/prospectus, at the Effective Time, each share of Semnur Preferred Stock issued and outstanding immediately prior to the Effective Time shall be automatically converted into the right to receive, without interest, one share of New Semnur
Series A Preferred Stock and one-tenth of one share of New Semnur Common Stock. As of March 31, 2025, the Aggregate Outstanding Amount was 50,754,784. Accordingly, the aggregate number of shares of
Semnur Preferred Stock issued to Scilex prior to the Effective Time pursuant to the Debt Exchange Agreement would be approximately 5,075,478 shares and then at the Effective Time such shares would be exchanged for 5,075,478 shares of New Semnur
Series A Preferred Stock and 507,548 shares of New Semnur Common Stock.

Prior to the Effective Time, Denali shall cause the Domestication to become
effective, upon which each Denali Class A Ordinary Share and Class B Ordinary Share will convert automatically, on a one-for-one basis, into one share of New
Semnur Common Stock.

Each of the then-outstanding Public Warrants and Denali Private Placement Warrants will become exercisable at $11.50 per share,
subject to adjustment, on the later of 30 days after the first date on which Denali completes the Business Combination or the date that is 12 months from the date of the closing of the IPO; provided in each case that New