Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 674

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 674
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 New Semnur Board, or (b) the size of the New Semnur Board and (ii) New Semnur will be                                                                                                                                                            |

441

| Current Denali Governance |     | Current Semnur Governance |     | Proposed Governance                                                                                                                                                                                                                                   |
|                           |     |                           |     | required to take all actions reasonably necessary, and not otherwise prohibited by applicable law, to cause each Stockholder Designee to be                                                                                                           
 so nominated, elected or appointed to the New Semnur Board as more fully described in the Stockholder Agreement. Scilex shall also have the right to designate a replacement director for any Stockholder Designee that has been removed from the New 
 Semnur Board and the right to appoint a representative of Scilex to attend all meetings of the committees of the New Semnur Board. Notwithstanding the foregoing, the parties have agreed to ensure that the New Semnur Board complies with all       
 applicable requirements of the stock exchange, including independence requirements.                                                                                                                                                                   
 The Stockholder Agreement also provides that New Semnur will be prohibited from taking certain actions without the consent of Scilex. Such actions include,                                                                                           
 among other things, amendments to the New Semnur Certificate of Designations, increases or decreases in the size of the New Semnur Board, the incurrence of certain amounts of indebtedness and the payment of dividends on New Semnur Common Stock.  
 For more information on the terms of the New Semnur Preferred Stock, see the section                                                                                                                                                                  
 titled “Description of New Semnur Securities — New Semnur Preferred Stock Following the Business Combination” and the section titled “Certain Relationships and Related Party Transactions — Certain Transactions                                     
 of Denali — Stockholder Agreement with Scilex.”                                                                                                                                                                                                       |

442

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS

Certain Transactions of Denali

Founder Shares

On February 3, 2022, the
Sponsor paid an aggregate of $25,000, or approximately $0.012 per share, in consideration of 2,156,250 Denali Class B Ordinary Shares, par value $0.0001 per share. In March 2022, the Sponsor transferred 20,000 Denali Class B Ordinary
Shares to the Chief Financial Officer of Denali and an aggregate of 110,000 Denali Class B Ordinary Shares to certain members of the board of directors of Denali. The number of Denali Class B Ordinary Shares