Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 458

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 458
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2,500,000,000 divided by (b) $10.00, and will be
payable in shares of New Semnur Common Stock. In accordance with the terms and subject to the conditions of the Merger Agreement, following the Domestication and at the Effective Time: (i) each share of Semnur Common Stock issued and outstanding
immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, a number of New Semnur Common Stock equal to the Exchange Ratio (as defined in the Merger Agreement); (ii) each share of Semnur
Preferred Stock issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, (a) one share of New Semnur Series A Preferred Stock and (b) one-tenth of one New Semnur
Common Stock, and (iii) subject to the Company’s receipt of the Option Exchange Approval (as defined in the Merger Agreement), each option to purchase a share of Semnur Common Stock that is then outstanding shall be converted into the right to
receive an option to purchase a number of New Semnur Common Stock as determined by the Exchange Ratio upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the Effective Time, with the
exercise price thereof adjusted by the Exchange Ratio. For purposes of the Merger Agreement, Semnur’s equity value is $2,500,000,000.

The Merger
Agreement was amended on July 22, 2025, pursuant to Amendment No. 2 to Merger Agreement, by and among Denali, Merger Sub and Semnur. Among other things, Amendment No. 2 to Merger Agreement modifies the definitions of the Exchange Ratio and
Merger Consideration to facilitate the issuance of additional shares of Semnur Common Stock prior to the closing of the Business Combination in connection with any potential private placement financing and to advisors and other service providers for
services rendered.

The Merger Agreement contemplates the execution of various additional agreements and instruments, on or before the Closing, including,
among others, the following:

Concurrently with the execution of the Merger Agreement, the Sponsor and each of the Company’s directors and executive
officers entered into the Sponsor Support Agreement with the Company and Semnur, pursuant to which the Sponsor and each of Company’s directors and executive officers has agreed to, among other things: (i)