Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 279

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 279
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 Shares will develop or be sustained in the future. If an active market for Denali Class A Ordinary Shares does not develop or is not sustained, the price may decline. These factors may result in investors having difficulty reselling any Denali Class A Ordinary Shares. New Semnur plans to list on Nasdaq in connection with the Business Combination. New Semnur will be required to demonstrate compliance with Nasdaq’s initial listing requirements at that time, which are more rigorous than

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Nasdaq’s respective continued listing requirements, in order to continue to maintain the listing of our securities on Nasdaq. Neither Denali nor Semnur can assure you that we will be able to meet those listing requirements at that time. New Semnur will be required to meet the initial listing requirements to be listed on Nasdaq. However, New Semnur may be unable to maintain the listing of its securities in the future. The Denali Class A Ordinary Shares and Public Warrants are quoted on the OTC Markets. Denali cannot assure you that New Semnur’s securities will be listed on Nasdaq following the Business Combination and New Semnur has applied to list its shares on Nasdaq. If New Semnur is not able to list its securities on Nasdaq or any other national securities exchange, Denali could face significant material adverse consequences, including:

| • |     | a limited availability of market quotations for its securities; |

| • |     | reduced liquidity for its securities; |

| • |     | a determination that New Semnur Common Stock is a “penny stock”, which will require brokers trading in New Semnur Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for its securities; |

| • |     | a limited amount of news and analyst coverage for New Semnur; and |

| • |     | a decreased ability to issue additional securities or obtain additional financing in the future. |

**A shareholder-approved amendment to the Current Denali Charter removed the limitation that Denali may not redeem public shares in an amount that would cause Denali’s net tangible assets to be less than $5,000,001 contained therein, and the Merger Agreement does not include a closing condition that requires New Semnur to have at least $5,000,001 of net tangible assets upon the Closing. Accordingly, the Business Combination may be consummated even if the New Semnur Common Stock would be a “penny stock