Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 298

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 298
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 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 the time Denali has to complete an initial business combination, this may be viewed or interpreted as giving preferences to the public shareholders over any potential creditors with respect to access to or distributions from Denali’s assets. In addition, the Denali Board may be viewed as having breached its fiduciary duty by failing to appropriately take into account the interests of Denali’s creditors and/or having acted in bad faith, thereby exposing itself and Denali to claims of punitive damages, by paying public shareholders from the Trust Account prior to addressing the claims of creditors.

Denali or Semnur may waive one or more of the conditions to the Business Combination without resoliciting shareholder approval.

Denali or Semnur may agree to waive, in whole or in part, some of the conditions to its obligations to complete the Business Combination, to the extent permitted by applicable laws. The Denali Board will evaluate the materiality of any waiver to determine whether amendment of this proxy statement/prospectus and resolicitation of proxies is warranted. In some instances, if the Denali Board determines that a waiver is not sufficiently material to warrant resolicitation of shareholders, Denali has the discretion to complete the Business Combination without seeking further shareholder approval. For example, it is a condition to Denali’s obligations to close the Business Combination that there be no applicable law and no injunction or other order restraining or imposing any condition on the consummation of the Business Combination, however, if the Denali Board determines that any such order or injunction is not material to the business of Semnur, then the Semnur Board may elect to waive that condition without shareholder approval and close the Business Combination.

For more information about the closing conditions to the Business Combination, see the section titled “The Merger Agreement–Closing Conditions.”

The Domestication may be a taxable event for U.S. Holders of Denali Ordinary Shares and Warrants.