Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 258

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 258
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 estimate transaction expenses (excluding deferred underwriting fees) incurred by Denali and Semnur will be $4.7 million and $5.0 million (without taking into account the Denali shareholder redemption), respectively.

Legal proceedings in connection with the Business Combination or otherwise, the outcomes of which are uncertain, could delay or prevent the completion of the Business Combination.

In connection with business combination transactions similar to the proposed Business Combination, it is not uncommon for lawsuits to be filed against the parties and/or their respective directors and officers alleging, among other things, that the proxy statement/prospectus provided to shareholders contains false and misleading statements and/or omits material information concerning the transaction. Although no such lawsuits have yet been filed in connection with the Business Combination, it is possible that such actions may arise and, if such actions do arise, they generally seek, among other things, injunctive relief and an award of attorneys’ fees and**

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expenses. Defending such lawsuits could require Semnur and Denali to incur significant costs and draw the attention of Semnur’s and Denali’s management teams away from the consummation of the Business Combination. Further, the defense or settlement of any lawsuit or claim that remains unresolved at the time the Business Combination is consummated may adversely affect the combined company’s business, financial condition, results of operations and cash flows. Such legal proceedings could delay or prevent the Business Combination from being consummated within the expected timeframe. The announcement of the proposed Business Combination could disrupt Semnur’s relationships with its suppliers, business partners and others, as well as its operating results and business generally. Risks relating to the impact of the announcement of the Business Combination on Semnur’s businesses include the following:

| • |     | its employees may experience uncertainty about their future roles, which might adversely affect Semnur’s ability to retain and hire key personnel and other employees; |

| • |     | suppliers, business partners and other parties with which Semnur maintains business relationships may experience uncertainty about their future and seek alternative relationships with third parties, seek to alter their business relationships with Semnur or fail to extend an existing relationship with Semnur; and |

| • |     | Semnur has expended and will continue to expend significant costs, fees and expenses for professional services and transaction costs in connection with the proposed Business Combination. |

| • |     | If any of the aforementioned risks were to materialize, they could lead to significant costs which