Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 291

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 291
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 current market price reflects a market assumption that the Business Combination will be completed); |

| • |     | Denali will have incurred substantial expenses and will be required to pay certain costs relating to the Business Combination, whether or not the Business Combination is completed; and |

| • |     | since the Merger Agreement restricts the conduct of Denali’s businesses prior to completion of the Business Combination, Denali may not have been able to take certain actions during the pendency of the Business Combination that would have benefitted it as an independent company, and the opportunity to take such actions may no longer be available (see the section titled “The Merger Agreement — Conduct of Business by Denali” of this proxy statement/prospectus for a description of the restrictive covenants applicable to Denali). |

**If the Merger Agreement is terminated and the Denali Board seeks another business combination target, Denali shareholders cannot be certain that Denali will be able to find another acquisition target that would constitute a 161

business combination or that such other business combination will be completed. See the section titled “The Merger Agreement—Termination; Effectiveness.”

Denali’s independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about Denali’s ability to continue as a “going concern.”

As of March 31, 2025, Denali had cash and marketable securities held in the Trust Account of $9,147,903 and cash of $2,736 held outside of the Trust Account. In connection with the July 10, 2024 extraordinary general meeting to extend the business combination deadline, shareholders holding 3,785,992 public shares exercised their right to redeem such shares, resulting in approximately $43.4 million (approximately $11.47 per share) being removed from the Trust Account. In connection with the April 11, 2025 extraordinary general meeting to extend the business combination deadline, shareholders holding 708,098 public shares exercised their right to redeem such shares, resulting in approximately $8.6 million (approximately $12.17 per share) being removed from the Trust Account. Further, Denali has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. Denali intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete its business combination. To the extent that Denali’s share capital or debt is used,