Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 301

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 301
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 from the Cayman Islands to the State of Delaware. Following the Domestication, Merger Sub will merge with and into Semnur, the separate corporate existence of Merger Sub will cease and Semnur will be the
surviving corporation and a wholly owned subsidiary of New Semnur.

Background of the Business Combination

Denali is a Cayman Islands exempted company incorporated as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Business Combination with Semnur is the result of an active search for a potential business combination transaction
utilizing the network and investing and transaction experience of Denali’s management team and the Denali Board. The terms of the Merger Agreement are the result of arm’s–length negotiations between representatives of Semnur and
Denali. The following is a brief discussion of the background of these negotiations, the Merger Agreement and the Business Combination. It does not purport to catalogue every conversation and correspondence among representatives of Denali, Semnur
and their respective advisors.

Denali was incorporated on January 5, 2022 as an exempted company with limited liability for the purpose of effecting
a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. In February 2022, we issued an aggregate of 2,156,250 founder shares to the
Sponsor in exchange for a payment of $25,000 from the Sponsor for deferred offering costs. In March 2022, the Sponsor transferred 20,000 founder shares to the Chief Financial Officer of the Company and 110,000 founder shares to certain members of
the Company’s board of directors. On May 23, 2022, 93,750 founder shares were forfeited by the Sponsor as the underwriters did not exercise their over-allotment option on the remaining 375,000
Public Units, resulting in the Sponsor holding an aggregate of 1,932,500 Denali Class B Ordinary Shares of which 500,000 were subsequently sold to Scilex pursuant to the Sponsor Interest Purchase Agreement.

The registration statement for our IPO was declared effective on April 6, 2022 and on April 11, 2022, we consummated the IPO of 8,250,000 Public
Units at $10.00 per