Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 261

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 261
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 to which special purpose acquisition companies could become subject to regulation under
the Investment Company Act of 1940, as amended (the “Investment Company Act”), which included a summary of the SEC staff’s views on the facts and circumstances that are relevant to making a determination as to whether a
special purpose acquisition company meets the definition of an “investment company” under the Investment Company Act. These SPAC Rules may materially adversely affect Denali’s ability to consummate the Business Combination,
its activities prior to the consummation thereof, and may increase the costs and time related thereto. See also “If Denali is deemed to be an investment company under theInvestment Company Act, Denali may be required to institute burdensome compliance requirements and Denali’s activities may be restricted, which may make it difficult to complete the Business Combination or force Denali to abandon its efforts to complete an initial business combination.”

In the adoption of the SPAC Rules, the SEC affirmatively chose not to adopt a quantitative, bright-line safe harbor that would
provide certainty as to when a special purpose acquisition company’s pre-business combination activities would not result in the special purpose acquisition companies being treated as an investment
company under the Investment Company Act. Instead, the SEC staff expressed its views regarding a five-factor qualitative test, known as the Tonopah factors, to be applied to the facts and circumstances of each special purpose acquisition
company’s activities to determine whether or not the special purpose acquisition company is acting as an “investment company” under the Investment Company Act. Consequently, there remains uncertainty concerning the
applicability of the investment Company Act to any particular special purpose acquisition company, as the interpretation and application of the Tonopah factors are subjective in nature. It is possible that a claim could be made that Denali
has been operating an unregistered investment company. This risk may be increased if Denali continues to hold the funds in the Trust Account in short-term U.S. government treasury obligations or in money market funds invested exclusively in such
securities, rather than instructing the trustee to liquidate the securities in the Trust Account and hold the funds in the Trust Account in cash.

150

If Denali is deemed to be an investment company under the Investment Company Act, Denali may be required to institute burdensome compliance requirements and Denali’s activities may be restricted, which may make it difficult to complete the Business Combination or force Denali to abandon its efforts to complete an initial business combination. If Denali is deemed to be an investment company under