Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 581

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 581
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 forma Denali financial results, as it expects to maintain a full valuation allowance against its U.S. deferred tax assets. The unaudited pro forma information does not purport to project the future financial position or operating results of New Semnur. The pro forma adjustments for the Business Combination included in the unaudited pro forma condensed combined balance sheet as of March 31, 2025 are as follows:

| (A) | Reflects the impact to Cash of the following items: |

| (in thousands)                                                                                                  |     |   |        |   |
|:----------------------------------------------------------------------------------------------------------------|:----|:--|-------:|:--|
| Reclassification of Investments Held in Trust Account                                                           |     | $ |  9,145 |   |
| Additional funding to be provided by Scilex to Semnur(1)                                                        |     |   |  9,245 |   |
| April 2025 Redemptions(2)                                                                                       |     |   | (8,618 | ) |
| Payment of estimated transaction costs to be incurred by Denali and Semnur subsequent to the balance sheet date |     |   | (6,159 | ) |
| Payment of deferred underwriting fees as of balance sheet date to be settled in cash                            |     |   | (2,022 | ) |
| Accounts payable and accrued expenses as of balance sheet date                                                  |     |   | (4,774 | ) |
| Receipt from additional drawdown of Promissory Note subsequent to the balance sheet date(3)                     |     |   |     96 |   |
|                                                                                                                 |     | $ | (3,087 | ) |

| (1) | Represents additional contributions from Scilex to Semnur which, if required to be made, will increase the Aggregate Outstanding Amount to be converted under the Debt Exchange Agreement. The additional contributions reflect the estimated additional contributions which Scilex is expected to contribute subsequent to March 31, 2025, which may be funded up to $60,000,000 pursuant to the Debt Exchange Agreement. As a result of these contributions under the Debt Exchange Agreement, Scilex is expected to receive 924,522 shares of New Semnur Series A Preferred Stock and 92,452 shares of New Semnur Common Stock upon Closing. The corresponding impact of the additional contributions is reflected as part of the recapitalization of Semnur. |

| (2) | In connection with the