Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 37

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 37
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 option, multiplied by the Exchange Ratio, and (y) the exercise price per share for each such share of New Semnur Common      
 Stock shall be equal to the exercise price per share of such option in effect immediately prior to the Effective Time, divided by the Exchange Ratio (rounded up to the nearest full cent).                                                              |

The aggregate number of shares of New Semnur Series A Preferred Stock to be issued to the holders of Semnur Preferred Stock will be determined based on the number of shares of Semnur Preferred Stock outstanding prior to the Effective Time. The number of shares of Semnur Preferred Stock outstanding prior to the Effective Time will be based on the aggregate amount of intercompany indebtedness owed by Semnur to Scilex that is outstanding as of immediately prior to the Effective Time, which indebtedness is being exchanged for Semnur Preferred Stock prior to the Closing pursuant to the Debt Exchange Agreement (as defined in this proxy statement/prospectus). The maximum number of shares of Semnur Preferred Stock that may be issued to Scilex pursuant to the Debt Exchange Agreement shall not exceed 6,000,000 and therefore the aggregate number of shares of New Semnur Series A Preferred Stock and New Semnur Common Stock to be issued to Scilex as the holder of Semnur Preferred Stock shall not exceed 6,000,000 and 600,000, respectively. The shares of New Semnur Series A Preferred Stock and New Semnur Common Stock to be issued to Scilex as the holder of Semnur Preferred Stock being collectively referred to herein as the “Preferred Consideration”. See the section titled “ Certain Relationships and Related Party Transactions — Certain Transactions of Semnur — Debt Exchange Agreement and Related Matters” for a discussion of the terms of the Debt Exchange Agreement.

| Q: | Why is Scilex conducting the Business Combination and related transactions? |

| A: | Scilex believes that if Semnur is established as a stand-alone public company, Semnur will be able to raise             
 capital to support its ongoing cash requirements to carry out necessary clinical trials and execute its business plans. |

Scilex’s management believes that Scilex’s current market capitalization, as of July 18, 2025, of approximately $61.6 million does not reflect the intrinsic value of Semnur. As discussed elsewhere in this proxy statement/prospectus, CB Capital, Denali’s financial advisor, has estimated the value of Semnur’s