Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 57

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 57
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 respect thereof in connection with the Business Combination; |

| • |     | all 510,000 Denali Private Placement Units are redeemed for a corresponding number of shares of New Semnur Common Stock and New Semnur Warrants that are exercisable for a corresponding number of shares of New Semnur Common Stock; |

| • |     | exercise of all (i) 8,235,378 Public Warrants currently outstanding, (ii) 14,622 Public Warrants issued upon redemption of the Public Units, and (iii) 510,000 Denali Private Placement Warrants issued upon redemption of the Denali Private Placement Units; |

| • |     | approval of the Option Exchange Proposal and that all Semnur stock options are exchanged for options to acquire 50,000,000 shares of New Semnur Common Stock; |

14

| • |     | the 24,400,000 shares of Semnur Common Stock issued pursuant to the Consulting Services Agreements are converted into an aggregate of 30,500,000 shares of New Semnur Common Stock in connection with the Business Combination pursuant to the terms of the Merger Agreement; |

| • |     | all Denali Promissory Notes are converted into an aggregate of 323,161 shares of New Semnur Common Stock, based on principal and accrued interest thereunder through September 30, 2025, of which 18,000 shares of New Semnur Common Stock will be issued to Scilex; |

| • |     | underwriting fees are paid in the form of 86,625 shares of common stock of the public company surviving a business combination; and |

| • |     | no issuance of additional securities by Denali prior to Closing. |

While the below table reflects all known sources of potential dilution, neither Denali nor Semnur can predict whether the following securities will ever be exercised for shares of New Semnur Common Stock: (a) 8,235,378 Public Warrants outstanding, (b) 14,622 Public Warrants underlying the Public Units, (c) 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units, and (d) 50,000,000 options to acquire shares of New Semnur Common Stock that may be issued to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal). This table is being provided solely for information purposes to allow readers to compare