Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 46

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 46
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’s capital stock. In each redemption scenario, Scilex will be the single largest stockholder of New 13

Semnur following the completion of the Business Combination and will directly own nearly all of the New Semnur voting securities expected to be outstanding immediately following the completion of the Business Combination. For additional information regarding the Scilex Dividend, see the section titled “ Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What is the impact of Scilex’s previously announced dividend of its ownership interest in Semnur on Denali’s shareholders?” The foregoing ownership percentages with respect to New Semnur do not take into account the potential dilutive effect of all of the Public Warrants, the Public Warrants underlying the Public Units, the Denali Private Placement Warrants underlying the Denali Private Placement Units, and shares that may be issued upon exercise of 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) because it is unknown whether such warrants and stock options will ever be exercised for shares of New Semnur Common Stock. For additional information regarding the potential dilutive effect of such securities, see the question immediately below titled “ What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination ?” If the actual facts are different from these assumptions (which they are likely to be), the percentage ownership retained by the Denali public shareholders will be different. See “ Unaudited Pro Forma Condensed Combined Financial Information.”

| Q: | What are the possible sources and the extent of dilution that public shareholders who elect not to redeem 
 their shares will experience in connection with the Business Combination?                                 |

| A: | After the completion of the Business Combination, public shareholders will own a significantly smaller                                                                                                                                                    
 percentage of the combined company than they currently own of Denali. Consequently, public shareholders, as a group, will have a significantly reduced ownership and voting power in the combined company compared to their ownership and voting power in 
 Denali.                                                                                                                                                                                                                                                   |

The following table sets forth the ownership percentages of New Semnur upon completion of the Business Combination assuming no redemptions, 25% redemptions, 50% redemptions, 75% redemptions, and 100% redemptions, including all sources of potential dilution. The