Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 410

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 410
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 complying with Nasdaq Listing Rule 5635(a) and (b), the issuance of more
than 20% of the issued and outstanding Denali Ordinary Shares and the resulting change in control in connection with the Business Combination, be and is hereby approved and adopted (such proposal, the “Nasdaq Proposal”). The Nasdaq
Proposal is conditioned on the approval of the other Condition Precedent Proposals.”

Recommendation of the Denali Board

THE DENALI BOARD UNANIMOUSLY RECOMMENDS THAT DENALI’S SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE NASDAQ PROPOSAL.

The existence of financial and personal interests of one or more of Denali’s directors may result in a conflict of interest on the part of such
director(s) between what such director or directors may believe is in the best interests of Denali and its shareholders and what such director or directors may believe is best for such director or directors in determining to recommend that
shareholders vote for the Proposals. In addition, Denali’s officers have interests in the Business Combination that may conflict with your interests as a shareholder. See the section above titled “Proposal 1 — The Business Combination Proposal — Interests of Certain Persons in the Business Combination” for a further discussion of these considerations.

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PROPOSAL 8 — OPTION EXCHANGE PROPOSAL

Overview

On
August 30, 2024, the Semnur Board adopted the 2024 Stock Option Plan, which was approved by Semnur’s then sole stockholder, Scilex, on August 29, 2024. Under the 2024 Stock Option Plan, an aggregate of 40,000,000 shares of Semnur
Common Stock are reserved for issuance, which number is subject to any adjustments as necessary as provided in the 2024 Stock Option Plan. The 2024 Stock Option Plan provides for the grant of nonstatutory stock options to employees, consultants and
directors of Semnur and its affiliates.

On August 30, 2024, the Semnur Board approved the grant of options to purchase an aggregate of up to
40,000,000 shares of Semnur Common Stock under the 2024 Stock Option Plan (the “Semnur Options”), of which an option to purchase up to (i) 17,500,000 shares was granted to Henry Ji, Ph.D., who is expected to be the Executive Chairperson
and a