Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 9

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 9
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 (the “Sponsor Convertible Promissory Note”) and the convertible promissory note dated July 11, 2023 by and between Denali and the Sponsor (the “Sponsor Extension Convertible Promissory
Note”) may be converted in whole or in part into Class A Ordinary Shares of Denali at a conversion price of $10 per share (the “Conversion Shares”), which would then become shares of New Semnur Common Stock at the Effective Time on
a one-for-one basis.

Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Sponsor the Cash Consideration and has agreed to issue the
Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time.

Compensation Received or to be Received by, and Securities Issued or to be Issued to, the Denali Underwriters

Pursuant to the Deferred Discount Agreement, the Denali Underwriters have agreed to
receive $866,250 of the aggregate $2,887,500 Deferred Discount owed to them upon the closing of the Business Combination in the form of 86,625 shares of common stock of Holdco (the “Common Stock Consideration”). Upon the terms of the
Deferred Discount Agreement, the Common Stock Consideration will be issued at the Closing and the remaining $2,021,250 of the aggregate Deferred Discount owed will remain payable at the Closing in cash in accordance with the terms of the
Underwriting Agreement.

It is expected that the Denali Underwriters will enter into an amended and restated Deferred Discount Agreement under
significantly the same terms as the Deferred Discount Agreement, under which the Denali Underwriters will receive shares of New Semnur Common Stock for the Common Stock Consideration.

v

Compensation Received or to be Received by, and Securities Issued or to be Issued to, the Directors and Officers of Denali Prior to the consummation of the IPO, the Sponsor assigned 50,000 Denali Class B Ordinary Shares to Lei Huang, the Chief Executive Officer of Denali and director, 20,000 Denali Class B Ordinary Shares to You Sun, the Chief Financial Officer of Denali, and 20,000 Denali Class B Ordinary Shares to each of Huifeng Chang, Jim Mao and Kevin Vassily, each a director of Denali, for no consideration. At Closing, pursuant to the Merger Agreement, New Semnur will use cash from the Trust Account (as defined below) to pay Denali transaction