Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 282

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 282
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 Common Stock issued in connection with the Business Combination may be higher or lower than the values of those shares on earlier dates, and may be higher or lower than the value used to determine the exchange ratio. Stock price changes may result from a variety of factors, including changes in the business, operations or prospects of Denali, regulatory considerations, and general business, market, industry or economic conditions. Many of these factors are outside of the control of Denali.

The market price of shares of New Semnur Common Stock after the Business Combination may be affected by factors different from those currently affecting the price of shares of Denali.

Upon completion of the Business Combination, Semnur stockholders will become holders of shares of New Semnur Common Stock. Prior to the Business Combination, Denali has had limited operations. Upon completion of the Business Combination, New Semnur’s results of operations will depend upon the performance of Semnur, which is affected by factors that are different from those currently affecting the results of operations of Denali.

If the Business Combination’s benefits do not meet the expectations of financial analysts, the market price of New Semnur Common Stock may decline.

The market price of the New Semnur Common Stock may decline as a result of the Business Combination if the combined company does not achieve the perceived benefits of the Business Combination as rapidly, or to the extent anticipated by, financial analysts or the effect of the Business Combination on the combined company’s financial results is not consistent with the expectations of financial analysts. Accordingly, holders of Denali securities may experience a loss as a result of a decline in the market price of New Semnur Common Stock. In addition, a decline in the market price of New Semnur Common Stock could adversely affect New Semnur’s ability to issue additional securities and to obtain additional financing in the future.

Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated or cannot be met.**

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The completion of the Business Combination is conditioned on the resolution of certain orders, injunctions or decrees by any court or regulatory authority of competent jurisdiction that would prohibit or make illegal the completion of the Business Combination. Denali and Semnur believe that the Business Combination should not raise significant regulatory concerns and that Denali and Semnur will be able to obtain all requisite regulatory approvals in a timely manner. However, Denali and Semnur cannot be certain when or if regulatory approvals will be obtained or,