Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 383

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 383
---
 applicable laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof; |

| • |     | the announcement, pendency or completion of the transactions contemplated by the Merger Agreement, including losses or threatened losses of employees, suppliers, distributors or others having relationships with the party; |

221

| • |     | any natural or man-made disaster or acts of God, including any hurricane, tornado, flood, earthquake, tsunami, mudslides, wild fire, epidemic, or pandemic; or |

| • |     | any failure to meet any internal or published projections, forecasts or revenue or earnings predictions; |

provided that the underlying causes of such failures shall not be excluded, unless any such change, event, effect or occurrence (other than those described in the fifth, sixth, eighth and tenth bullet points above) shall have a disproportionate effect on Semnur or Denali (as the case may be) as compared to comparable companies in the same industry. Conduct of Business by Semnur Semnur has agreed that during the Interim Period, it will, except as otherwise explicitly contemplated by the Merger Agreement or the ancillary agreements, entered into connection with the Business Combination or required by law or as consented to by Denali in writing (which consent will not be unreasonably conditioned, withheld, delayed or denied) use commercially reasonable efforts (i) to conduct its business only in the ordinary course, consistent with past practices, and (ii) to preserve substantially intact its material business relationships with clients, suppliers and other third parties. During the Interim Period, Semnur has also agreed not to, and to cause its subsidiaries not to, except as otherwise contemplated by the Merger Agreement, including the Semnur disclosure schedules thereto and as necessary to implement the transactions contemplated by the Debt Exchange Agreement, as consented to by Denali in writing (which consent will not be unreasonably conditioned, withheld, delayed or denied) or as required by applicable law:

| • |     | except for the filing of the Semnur Certificate of Designations pursuant to the Debt Exchange Agreement and with respect to the name of Semnur, materially amend the governing documents of Semnur; |

| • |     | amend, waive any provision of or terminate prior to its scheduled termination date certain material contracts; |

| • |     | make any capital expenditures in excess of $300,000, individually or in the aggregate; |

| • |     | sell, lease, license or otherwise