Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 62

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 62
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 (or any securities into which or for which such stock may be exchanged or including New Semnur Common Stock). Because the Scilex Dividend will be paid from the shares of Semnur Common Stock (or such other securities into which or for which such stock may be exchanged or converted, including New Semnur 18

Common Stock) and will not be in the form of newly issued shares of New Semnur Common Stock, only the ownership percentage of Scilex following the Business Combination will be impacted by the Scilex Dividend if such dividend is actually paid. If Scilex completes the Scilex Dividend and the Scilex Series 1 Preferred Stock is exchanged for New Semnur Common Stock pursuant to the terms of the Scilex Certificate of Designation governing the Scilex Series 1 Preferred Stock, then following the closing of the Business Combination, Scilex, as the controlling stockholder of Semnur prior to such closing, (i) in the no redemptions scenario will own approximately (a) 75.4% of New Semnur in the form of New Semnur Common Stock and (b) 2.5% of New Semnur in the form of New Semnur Series A Preferred Stock, which will give Scilex 77.9% of the voting power of New Semnur’s capital stock and (b) in the maximum redemptions scenario, will own approximately (a) 75.4% of New Semnur in the form of New Semnur Common Stock and (ii) 2.5% of New Semnur in the form of New Semnur Series A Preferred Stock, which will give Scilex 77.9% of the voting power of New Semnur’s capital stock. In each redemption scenario, Scilex will still be the single largest stockholder of New Semnur following the closing of the Business Combination. As noted above, the Scilex Board has not yet set a payment date for the Scilex Dividend and the Scilex Board has the right to change such Scilex Record Date and to revoke the payment of the Scilex Dividend at any time prior to the payment date.

| Q: | What happens if a substantial number of Denali public shareholders vote in favor of the Business Combination proposal and all of the Denali public shareholders exercise their redemption rights? |

| A: | Denali public shareholders may vote