Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 298

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 298
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. Denali has the option to extend the deadline to complete the Business Combination beyond December 11, 2025. This extension would require approval by Denali’s shareholders through a proxy vote.

Any distributions received by Denali’s shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, Denali was unable to pay its debts as they fell due in the ordinary course of business.

The Current Denali Charter provides that it will continue in existence only until December 11, 2025. If Denali is unable to consummate a transaction by such date or if it fails to obtain shareholder approval to extend beyond December 11, 2025, upon notice from Denali, the trustee of the Trust Account will distribute the amount in the Trust Account to Denali’s public shareholders. Concurrently, Denali shall pay, or reserve for payment, from funds not held in trust, its liabilities and obligations, although Denali cannot assure you that there will be sufficient funds for such purpose.

Denali expects that all costs and expenses associated with implementing its plan of dissolution, as well as payments to any creditors, will be funded from amounts held outside the Trust Account, although it cannot assure you that there will be sufficient funds for such purpose. Denali will depend on sufficient interest being earned on the proceeds held in the Trust Account to pay any tax obligations it may owe or for working capital purposes.**

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**However, Denali may not properly assess all claims that may be potentially brought against it. As such, Denali’s shareholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of its stockholders may extend well beyond the third anniversary of the date of distribution. Accordingly, third parties may seek to recover from Denali’s shareholders amounts owed to them by Denali.

If, after Denali distributes the proceeds in the Trust Account to its public shareholders, Denali is insolvent or a winding up petition or an involuntary bankruptcy petition is filed against Denali that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a “preferential or voidable transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover all amounts received by Denali’s shareholders. Furthermore, because Denali intends to distribute the proceeds held in the Trust Account to its public shareholders promptly after expiration of