Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 241

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 241
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 and New Semnur does not expect to pay cash dividends in the foreseeable future. Any return on investment may be limited to the capital appreciation, if any, of New Semnur Common Stock. Semnur has not paid cash dividends on its common stock and New Semnur does not anticipate paying cash dividends on its common stock in the foreseeable future. The payment of dividends on New Semnur’s capital stock will depend on its earnings, financial condition and other business and economic factors affecting New Semnur at such time as its board of directors may consider relevant. In addition, New Semnur’s ability to pay dividends may be limited by covenants in future outstanding indebtedness that New Semnur or its subsidiaries may incur. Since New Semnur does not intend to pay dividends, a stockholder’s ability to receive a return on 132

such stockholder’s investment will depend on any future appreciation in the market value of its common stock. There is no guarantee that New Semnur Common Stock will appreciate or even maintain the price at which its stockholders have purchased it. Future sales, or the perception of future sales, of a substantial number of shares of New Semnur Common Stock may cause the price of the common stock to decline. If New Semnur’s existing stockholders sell, or indicate an intention to sell, substantial amounts of the New Semnur Common Stock after the closing of the Business Combination, the trading price of the New Semnur Common Stock could decline and it could impair New Semnur’s ability to raise capital through the sale of additional equity securities. The Sponsor is subject to lock-upprovisions that restrict its ability to transfer shares of New Semnur Common Stock or any security convertible into or exercisable or exchanged for New Semnur Common Stock until one year from the Effective Time, subject to certain exceptions. New Semnur’s operating results may fluctuate significantly. New Semnur expects its operating results to be subject to quarterly, and possibly annual, fluctuations. New Semnur’s net loss and other operating results will be affected by numerous factors, including:

| • |     | variations in the level of expenses related to New Semnur’s development programs; |

| • |     | the addition or termination of clinical trials; |

| • |     | any intellectual property infringement lawsuit in which New Semnur may become involved; |

| • |     | regulatory developments affecting New Semnur’s product candidate, regulatory approvals of its product candidate, and