Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 408

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 408
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 or directors may believe is best for such director or directors
in determining to recommend that shareholders vote for the Proposals. In addition, Denali’s officers have interests in the Business Combination that may conflict with your interests as a shareholder. See the section above titled
“Proposal 1—The Business Combination Proposal—Interests of Certain Persons in the Business Combination” for a further discussion of
these considerations.

248

PROPOSAL 7 — THE NASDAQ PROPOSAL

Overview

Currently,
Denali’s securities are not listed on Nasdaq, as they were delisted. However, an initial listing application has been filed to list the common stock and warrants of New Semnur on Nasdaq upon consummation of the Business Combination. If this
listing application is approved by Nasdaq, New Semnur would be subject to Nasdaq’s continued listing rules. For purposes of complying with Rule 5635(a) and (b) of the Nasdaq Listing Rules should such listing of New Semnur’s
securities be approved, Denali’s shareholders are being asked to approve and adopt the issuance of up to 251,000,000 shares of New Semnur Common Stock in connection with the Business Combination.

Approval of this Nasdaq Proposal is a condition to the consummation of the Business Combination under the Merger Agreement, and this Nasdaq Proposal is one of
the Condition Precedent Proposals. The Denali Board believes it is necessary to obtain this shareholder approval to ensure that New Semnur can comply with Nasdaq Listing Rules in connection with the issuance of shares in the Business Combination,
contingent upon the approval of New Semnur’s listing application with Nasdaq and the listing of New Semnur Common Stock.

Under Nasdaq Listing Rule
5635(a), shareholder approval is required prior to the issuance of securities in connection with the acquisition of another company if such securities are not issued in a public offering and (A) have, or will have upon issuance, voting power
equal to or in excess of 20% of the voting power outstanding before the issuance of common stock (or securities convertible into or exercisable for common stock); or (B) the number of shares of common stock to be issued is or will be equal to
or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities.

Under Nasdaq Listing Rule
5635(b), shareholder approval is required prior to the issuance of securities when the issuance