Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 347

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 347
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 Board considered that there were risks associated with successful implementation of Semnur’s long-term business plan and strategy (including risks relating to obtaining and maintaining necessary regulatory approvals for successfully commercializing Semnur’s treatments, the effect of competing clinical, technological and market developments, the outcomes of ongoing and future clinical trials relating to Semnur’s pipeline and rights to use and the ability to protect intellectual property used in Semnur’s business and products, among others) and the combined company realizing the anticipated benefits of the Business Combination on the timeline expected or at all, including due to factors outside of the parties’ control such as new regulatory requirements or changes to existing regulatory requirements (or feedback from regulatory authorities that requires Semnur to modify the design of its clinical trials) and changes in the pharmaceutical market generally. The Denali Board considered that the failure of any of these activities to be completed successfully may decrease the actual benefits of the Business Combination and that Denali shareholders may not fully realize these benefits to the extent that they expected following the completion of the Business Combination. For additional description of these risks, please see the section titled “Risk Factors.” |

| • |     | Macroeconomic Risks. Macroeconomic uncertainty and the effects it could have on the combined company’s financial condition and results of operation. |

| • |     | Closing Conditions. The fact that the completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within Denali’s control. |

| • |     | Shareholder Vote. The risk that holders of Denali Ordinary Shares may fail to approve the Condition Precedent Proposals. |

| • |     | Redemption Risk. The potential that a significant number of holders of Denali Class A Ordinary Shares elect to redeem their public shares prior to the consummation of the Business Combination pursuant to the Current Denali Charter, which would provide less capital to New Semnur after Closing. |

| • |     | Litigation. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination. |

| • |     | Listing Risks. The challenges associated with preparing New Semnur and its subsidiaries for the applicable disclosure and listing requirements to which New Semnur will be subject as a publicly traded company on Nasdaq. |

| • |     | Fees and Expenses. The fees and expenses associated with completing the Business Combination.