Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 17

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 17
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 of the Sponsor Convertible Promissory Note and Sponsor Extension Convertible Promissory Note, respectively, may be converted into Denali Private Placement Shares, at the price of $10.00 per Denali Private Placement Share, in connection with the consummation of an initial business combination. |

| • |     | Denali may be entitled to distribute or pay over funds held by Denali outside the Trust Account to the Sponsor or any of its affiliates prior to the closing of the Business Combination. |

| • |     | The directors and officers of Denali own the number of Class B Ordinary Shares as shown below. |

| Name of Person      |     | Position                             |     | Founder 
  Shares |
| Lei Huang           |     | Chief Executive Officer and Director |     |  50,000 |
| You (“Patrick”) Sun |     | Chief Financial Officer              |     |  20,000 |
| Huifeng Chang       |     | Director                             |     |  20,000 |
| Jim Mao             |     | Director                             |     |  20,000 |
| Kevin Vassily       |     | Director                             |     |  20,000 |

The foregoing personal and financial interests of the Sponsor as well as Denali’s directors and executive officers may have influenced their motivation in identifying and selecting Semnur as a business combination target and completing an initial business combination with Semnur. Moreover, the foregoing interests present a risk that the Sponsor will benefit from the completion of a business combination, including in a manner that may not be aligned with Denali’s public shareholders. As such, the Sponsor may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate. In considering the recommendations of Denali’s Board to vote for the proposals, its shareholders should consider these interests. See “ Risk Factors — Risks Related to Denali and the Business Combination — Since the Sponsor, Denali’s directors and executive officers and Scilex have interests that are different, or in addition to (and which may conflict with), the interests of our shareholders, a conflict of interest may have existed in determining whether the Business Combination with Semnur is appropriate as our initial business combination. Such interests include that Sponsor and Scilex will lose its entire investment in us if our initial business combination is not completed.” Material Financing Transactions in connection with the Business Combination Since the IPO, the following material financing transactions have occurred or will occur in connection