Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 568

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 568
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.52 | ) |     | $             |    (2.52 | ) |     | $             |    (2.52 | ) |     | $              |    (2.52 | ) |

| (1) | The no redemption scenario is comprised of 234,126,025 weighted average of shares of New Semnur Common Stock                                                                                                                                        
 outstanding. The 25% redemption scenario is comprised of 234,115,090 weighted average shares of New Semnur Common Stock outstanding. The 50% redemption scenario is comprised of 234,104,155 weighted average shares of New Semnur Common Stock     
 outstanding. The 75% redemption scenario is comprised of 234,093,220 weighted average of shares of New Semnur Common Stock outstanding. The 100% redemption scenario is comprised of 234,082,286 weighted average shares of New Semnur Common Stock 
 outstanding.                                                                                                                                                                                                                                        |

All scenarios under the diluted Earnings Per Share (“EPS”) calculation exclude the potential dilutive effect of the following securities because it is unknown whether such 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). Similarly, up to 6,000,000 shares of New Semnur Series A Preferred Stock that may be issued to Scilex in connection with the Business Combination are also excluded because such shares are not legally convertible into shares of New Semnur Common Stock.

| (2) | The shares of New Semnur Series A Preferred Stock are considered participating securities. Thus, the two-class method is required in determining basic EPS. However, given the holders of New Semnur Series A Preferred Stock are not contractually obligated to share in the losses of New Semnur, the two-class method and subsequent allocation of loss will not be used when New Semnur is in a net loss position. Thus, and as no dividends or distributions have been declared, the shares of New Semnur Series A 
 Preferred Stock have no impact to the calculations of basic EPS. Further, given