Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 551

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 551
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 any of their Denali Class A Ordinary Shares for a pro rata portion of the funds in the Trust Account, and thus the full amount held in the Trust Account as of the Closing is available for the Business Combination. |

| • |     | Assuming 25% Redemptions: This scenario assumes that 10,935 Denali Class A Ordinary Shares (25% of                                                                                      
 the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $133,079 to be redeemed out of the Trust Account. |

| • |     | Assuming 50% Redemptions: This scenario assumes that 21,870 Denali Class A Ordinary Shares (50% of                                                                                      
 the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $266,158 to be redeemed out of the Trust Account. |

| • |     | Assuming 75% Redemptions: This scenario assumes that 32,805 Denali Class A Ordinary Shares (75% of                                                                                      
 the issued and outstanding Denali Class A Ordinary Shares) are redeemed at approximately $12.17 per share for an aggregate payment of $399,237 to be redeemed out of the Trust Account. |

| • |     | Assuming 100% Redemptions: This scenario assumes that 43,739 Denali Class A Ordinary Shares are                          
 redeemed at approximately $12.17 per share for an aggregate payment of $532,304 to be redeemed out of the Trust Account. |

The actual results are expected to be within the parameters described by the five redemption scenarios. However, there can be no assurance regarding which scenario will be closest to the actual results. Under each scenario, Scilex, Semnur’s equity holder, maintains a controlling financial interest over New Semnur. The Business Combination is expected to be accounted for as a reverse recapitalization. Because Scilex controls Semnur before the Business Combination and is also expected to control New Semnur following the Business Combination, Denali is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization whereby the net assets of Denali will be stated at historical cost and no goodwill or other intangible assets are recorded. Transaction costs incurred by Semnur which are 344

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