Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 139

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 139
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 2025, Denali received a notice from the Staff (the “Staff’s Determination”) stating that Denali has not regained compliance with the Listing Rules, and also that Denali is not in compliance with Nasdaq Listing Rule 5450(b)(2)(B) which sets forth a requirement to maintain a minimum of 1,100,000 publicly held shares for continued listing (the “Public Float Rule”), and Denali’s securities will be delisted from the Nasdaq Global Market unless Denali requests an appeal of this determination by April 9, 2025. If Denali does not appeal the Staff’s delisting determination by April 9, 2025, trading of the Denali Class A Ordinary Shares, Public Warrants**

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and Public Units would be suspended at the opening of business on April 11, 2025, and a Form 25-NSE will be filed with the SEC, which would remove Denali’s securities from listing and registration on Nasdaq. Denali did not appeal the Staff’s delisting determination by April 9, 2025, and the Denali Class A Ordinary Shares, Public Warrants and Public Units were delisted at the opening of business on April 16, 2025. Trading of Denali’s securities on the OTC Markets commenced on April 17, 2025. Summary Risk Factors In evaluating the Business Combination and the Proposals to be considered and voted on at the Meeting, you should carefully review and consider the risk factors set forth under the section titled “ Risk Factors” beginning on page 72 of this proxy statement/prospectus. Some of these risks are summarized below. References in the summary under the subheadings “— Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements”, “— Risks Related to Semnur’s Product Development”, “— Risks Related to Semnur’s Business and Operations”, “— Risks Related to Semnur’s Intellectual Property”, “— Risks Related to Government Regulations”and “— Risks Related to Semnur’s Relationship with Scilex”to “we,” “us,” “our,” and “the Company” generally refer to Semnur in the present tense or New Semnur from and after the Business Combination. Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements

| • |     | We are a clinical-late stage specialty pharmaceutical company and