Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 581

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 581
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075,478 shares and then at the Effective Time such shares would be exchanged for 5,075,478 shares of New Semnur Series A Preferred Stock and 507,548 shares of New Semnur Common Stock.

Prior to the Effective Time, Denali shall cause the Domestication to become effective, upon which each Denali Class A Ordinary Share and Class B Ordinary Share will convert automatically, on a one-for-one basis, into one share of New Semnur Common Stock.

Each of the then-outstanding Public Warrants and Denali Private Placement Warrants will become exercisable at $11.50 per share, subject to adjustment, on the later of 30 days after the first date on which Denali completes the Business Combination or the date that is 12 months from the date of the closing of the IPO; provided in each case that New Semnur has an effective registration statement under the Securities Act covering the issuance of the New Semnur Common Stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or New Semnur permits holders to exercise their warrants on a cashless basis under the circumstances specified in the Warrant Agreement between VStock, as warrant agent, and Denali). The Warrants will expire at 5:00 p.m., New York City time, five years after the consummation of the Business Combination or earlier upon redemption or liquidation. On the exercise of any Warrant, the warrant exercise price will be paid directly to New Semnur.

New Semnur is currently negotiating the terms of new employment agreements with the individuals that are expected to become the executive officers of New Semnur (the effectiveness of which will be subject to the

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successful Closing of the Business Combination). However, as the employment agreements are not yet executed nor are the terms for such agreements specified, New Semnur has not included autonomous entity or transaction accounting adjustments for such agreements because any pro forma impact of such agreements were not deemed factually supportable. Net tangible assets consist of the Company’s total assets (excluding any goodwill or intangibles), less any liabilities outstanding after the Closing. The below summarizes net tangible assets under each redemption scenario.

|                         |     | No         
 Redemption 
 Scenario   |        |   |     | 25%        
 Redemption 
 Scenario   |        |   |     | 50%        
 Redemption 
 Scenario   |        |   |     | 75%        
 Redemption 
 Scenario