Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 266

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 266
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 sheet contained elsewhere in this proxy statement/prospectus, including as a result of such assumptions not being accurate. See the section titled “Unaudited Pro Forma Condensed Combined Financial Information.”

The calculation of the number of shares of New Semnur to be issued to Semnur stockholders in the transactions will not be adjusted if there is a change in the value of Semnur before the Business Combination is completed.

The number of shares of New Semnur Common Stock to be issued to Semnur stockholders in the transactions will not be adjusted if there is a change in the value of Semnur before the closing of the transactions. As a result, the actual value of the New Semnur Common Stock to be received by Semnur’s stockholders in the transactions will depend on the value of such shares at and after the closing of the Business Combination.

Neither Semnur stockholders nor Denali’s shareholders will be entitled to appraisal rights in connection with the transactions.

Appraisal rights are statutory rights that, if applicable under law, enable shareholders to dissent from an extraordinary transaction, such as a merger, and to demand that the corporation pay the fair value for their shares**

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as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders in connection with the extraordinary transaction. Semnur stockholders are not entitled to appraisal rights in connection with the Business Combination. The Business Combination is subject to the satisfaction or waiver of certain conditions, which may not be satisfied or waived on a timely basis, if at all. The completion of the Business Combination is subject to a number of conditions. The completion of the Business Combination is not assured and is subject to risks, including, among others, the risk that approval of the Business Combination by Denali’s shareholders is not obtained or that other closing conditions are not satisfied. If Denali does not complete the Business Combination, it could be subject to several risks, including:

| • |     | the parties may be liable for damages to one another under the terms and conditions of the Merger Agreement; |

| • |     | negative reactions from the financial markets, including declines in the price of the Denali Ordinary Shares due to the fact that current prices may reflect a market assumption that the Business Combination will be completed; and the attention of Denali’s management will have been diverted to the Business Combination rather than the pursuit of other opportunities in respect of an initial business combination. |

| • |     | the attention of