Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 271

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 271
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 of the consummation of an initial business combination or our liquidation. As a result, following the 150

liquidation of securities in the Trust Account, we have been receiving minimal interest on the funds held in the Trust Account, which would reduce the dollar amount the public shareholders would receive upon any redemption or liquidation of the Company. By restricting the investment of the proceeds in this manner, and by focusing Denali’s directors’ and officers’ time toward, and operating Denali’s business for the purpose of, acquiring and growing businesses for the long term (rather than buying and selling businesses in the manner of a merchant bank or private equity fund or investing in assets for the purpose of achieving investment returns on such assets), Denali intends to avoid being deemed an “investment company” within the meaning of the Investment Company Act. Further, investing in Denali securities is not intended for persons who are seeking a return on investments in government securities or investment securities. Instead, the Trust Account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of Denali’s initial business combination; (ii) the redemption of any Denali Class A Ordinary Shares properly submitted in connection with a shareholder vote to amend the Current Denali Charter (A) to modify the substance or timing of Denali’s obligation to allow redemption in connection with Denali’s initial business combination or to redeem 100% of the Denali Class A Ordinary Shares if Denali does not complete its initial business combination prior to the termination date or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; or (iii) absent an initial business combination prior to the termination date, Denali’s return of the funds held in the Trust Account to public shareholders as part of Denali’s redemption of the Denali Class A Ordinary Shares. If Denali does not invest the proceeds as discussed above, Denali may be deemed to be subject to the Investment Company Act.

If Denali is deemed to be an investment company for purposes of the Investment Company Act, Denali would need to register as such under the Investment Company Act and compliance with these additional regulatory burdens would require additional expenses for which Denali has not allotted funds and may hinder Denali’s ability to complete an initial business combination. Denali may also be forced to abandon its efforts to complete an initial business combination, including the Business Combination, and instead be required to liquidate the Trust Account. In which case, Denali investors would not be