Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 405

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 405
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 Warrant Agreement.

Holders of the Denali Class B Ordinary Shares will have ten votes per share and holders of Denali Class A Ordinary Shares will have one vote per share in respect of the Domestication Proposal.

The Domestication Proposal, if approved, will approve a change of Denali’s jurisdiction of incorporation from the Cayman Islands to the State of Delaware. Accordingly, while Denali is currently incorporated as an exempted company under the Companies Act, upon the Domestication, Denali will be governed by the DGCL. Denali encourages shareholders to carefully consult the information set out below under “Comparison of Shareholders’ Rights.” Additionally, if the Domestication Proposal is approved, then Denali will also ask its shareholders to approve the Charter Approval Proposal (discussed below), which, if approved, will replace the Current Denali Charter with the Proposed Charter and the Proposed Bylaws under the DGCL. The Proposed Charter and the Proposed Bylaws differ in certain material respects from the Current Denali Charter and Denali encourages shareholders to carefully consult the information set out below under “Proposal 3–The Charter Approval Proposal” and “Proposal 4–The Bylaws Approval Proposal” and the Proposed Charter and the Proposed Bylaws, attached hereto as Annex B and Annex C, respectively.

Reasons for the Domestication

The Denali Board believes that it would be in the best interests of Denali to effect the Domestication immediately prior to the completion of the Business Combination.

Because Denali will operate within the United States following the Merger, it is the view of the Denali Board that Denali should also be structured as a corporation organized in the United States. The Denali Board believes Delaware provides a recognized body of corporate law that will facilitate corporate governance by Denali officers and directors. Delaware maintains a favorable legal and regulatory environment in which to operate. For many years, Delaware has followed a policy of encouraging companies to incorporate there and, in furtherance of that policy, has adopted comprehensive, modern and flexible corporate laws that are regularly updated and revised to meet changing business needs. As a result, many corporations have initially chosen Delaware as their domicile or have subsequently reincorporated in Delaware in a manner similar to the procedures Denali is proposing. Due to Delaware’s longstanding policy of encouraging incorporation in that state and consequently its popularity as the state of incorporation, the Delaware courts have developed a considerable expertise in dealing with corporate issues and a substantial body of case law has developed construing the DGCL and establishing**

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