Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 357

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 357
---
 510,000 Denali Private Placement Units, acquired at a price of $10.00 per Denali Private Placement Unit for an aggregate investment of $5,100,000 at the time of the IPO, which will separate automatically into its component parts, comprised of 510,000 shares of New Semnur Common Stock and 510,000 New Semnur Warrants upon consummation of the Business Combination. In addition, at the option of the Sponsor, upon consummation of the Business Combination, the outstanding amounts payable under the Sponsor Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note may be converted in whole or in part into Denali Class A Ordinary Shares at a conversion price of $10 per share, which would then become shares of New Semnur Common Stock at the Effective Time on a one-to-one basis.   Pursuant to the Sponsor Interest Purchase Agreement, Scilex has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time. |     | At Closing, pursuant to the Merger Agreement, New Semnur will use cash from the Trust Account to pay Denali transaction expenses and to reimburse or pay Sponsor for any outstanding loans or other obligations of Denali currently estimates that the total amount payable for Denali transaction expenses and any outstanding loans or other obligations of Denali to Sponsor is approximately $7.1 million, inclusive of the $1,423,237 principal balance under the Working Capital Loans, as of December 31, 2024. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Denali Class A Ordinary Share, at a price of $10.00 per share, upon consummation of the initial business combination. The shares would be identical to the Denali Private Placement Shares underlying the Denali Private Placement Units that the Sponsor purchased on April 6, 2022. The retention of shares by Sponsor and its affiliates and the reimbursements payable to Sponsor at Closing will not result in a material dilution of the equity interests of non-redeeming Denali Shareholders.   Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash Consideration. |

206

| Interested Party    |     | Interest in Securities                                                                                                                                                                                                                           |     | Other Compensation                                                                                                                                                                                   |
| Scilex              |