Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 96

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 96
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For more information on the terms of the New Semnur Series A Preferred Stock, see the section titled “Description of New Semnur Securities —New Semnur Preferred Stock Following the Business Combination” and the section titled “Certain Relationships and Related Party Transactions—Certain Transactions of Denali— Stockholder Agreement with Scilex.”

Sponsor Interest Purchase Agreement. In connection with the execution and delivery of the Merger Agreement, the Sponsor and Scilex entered into
the Sponsor Interest Purchase Agreement, dated August 30, 2024 (the “Signing Date”). Pursuant to the Sponsor Interest Purchase Agreement, Scilex purchased the Purchased Interests that were held by the Sponsor. The aggregate
consideration for the purchase and sale of the Purchased Interests is as follows: (i) the Cash Consideration and (ii) 300,000 Scilex Shares. Pursuant to the SIPA, Scilex paid the Cash Consideration and has agreed to issue the Scilex Shares to the
Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into
shares of New Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

Certain Compensation Arrangements. Under the Merger Agreement, Denali acknowledges certain compensation arrangements of New Semnur directors, officers and management team, which arrangements will become effective as of the Closing, subject to necessary
approvals. For more information see “Semnur’s Executive Compensation —New Semnur Executive Officer Compensation Following the Business Combination” and “Semnur’s Director Compensation —New Semnur Director Compensation Following the Business Combination.”

Deferred Discount Agreement. On April 6, 2022, in connection with the IPO, Denali entered into an underwriting agreement (the
“Underwriting Agreement”) with the Denali Underwriters, as representatives of the several underwriters named therein, pursuant to which Denali agreed to pay to the underwriters an aggregate cash amount of $2,887,500 as a deferred
discount (the “Deferred Discount”) upon the consummation of Denali’s initial business combination.

On November 20, 2023, Denali
entered into a letter agreement by and among Denali, Merger Sub, Semnur, D. Boral Capital LLC (f/k/a EF Hutton), US Tiger and Craig-Hallum Capital Group LLC (the