Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 579

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 579
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 any Warrant, the warrant exercise price will be paid directly to New Semnur.

New Semnur is currently negotiating the terms of new employment agreements with the individuals that are expected to become the executive officers of New Semnur (the effectiveness of which will be subject to the

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successful Closing of the Business Combination). However, as the employment agreements are not yet executed nor are the terms for such agreements specified, New Semnur has not included autonomous entity or transaction accounting adjustments for such agreements because any pro forma impact of such agreements were not deemed factually supportable. Net tangible assets consist of the Company’s total assets (excluding any goodwill or intangibles), less any liabilities outstanding after the Closing. The below summarizes net tangible assets under each redemption scenario.

|                         |     | No         
 Redemption 
 Scenario   |        |   |     | 25%        
 Redemption 
 Scenario   |        |   |     | 50%        
 Redemption 
 Scenario   |        |   |     | 75%        
 Redemption 
 Scenario   |        |   |     | 100%       
 Redemption 
 Scenario   |        |   |
|:------------------------|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|:----|:-----------|-------:|:--|
| Total Assets            |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |     | $          |    689 |   |
| Less: Total Liabilities |     |            |  3,284 |   |     |            |  3,417 |   |     |            |  3,550 |   |     |            |  3,683 |   |     |            |  3,816 |   |
| Net Tangible Assets     |     | $          | (2,595 | ) |     | $          | (2,728 | ) |     | $          | (2,861 | ) |     | $          | (2,994 | ) |     | $          | (3,127 | ) |

Autonomous Entity Adjustments to Unaudited Pro Forma Condensed