Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 48

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 48
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 Common Stock will be issued to Scilex; |

| • |     | underwriting fees are paid in the form of 86,625 shares of common stock of the public company surviving a 
 business combination; and                                                                                 |

| • |     | no issuance of additional securities by Denali prior to Closing. |

While the below table reflects all known sources of potential dilution, neither Denali nor Semnur can predict whether the following securities will ever be exercised for shares of New Semnur Common Stock: (a) 8,235,378 Public Warrants outstanding, (b) 14,622 Public Warrants underlying the Public Units, (c) 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units, and (d) 50,000,000 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). This table is being provided solely for information purposes to allow readers to compare the fully-diluted capitalization of New Semnur immediately following the Closing with non-fully diluted capitalization of New Semnur (i.e., only those shares that will actually be issued and outstanding immediately following the Closing) presented elsewhere in this prospectus. For purposes of the table below: No Redemption Scenario: This scenario assumes that no public shareholders exercise redemption rights with respect to their Denali Class A Ordinary Shares upon consummation of the Business Combination. Interim Redemption Scenarios (25%, 50% and 75%): These scenarios assume that public shareholders holding approximately 10,935, 21,870, and 32,805 Denali Class A Ordinary Shares, respectively, will exercise their redemption rights upon consummation of the Business Combination. Maximum Redemption Scenario: This scenario assumes that public shareholders holding all 29,117 Denali Class A Ordinary Shares issued and outstanding and subject to redemption will exercise their redemption rights upon consummation of the Business Combination. If any of these assumptions are not correct, these share numbers and ownership percentages will be different.

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