Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 694

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 694
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 Companies Act of the Cayman Islands and Cayman Islands law generally differ in some material respects from laws generally applicable to United States corporations and their shareholders. As a result, when Denali shareholders become stockholders of New Semnur, their rights will differ in some regards as compared to when such holders were shareholders of Denali. In addition, the Current Denali Charter will differ in certain material respects from the Proposed Charter and the Proposed Bylaws (together, the “Proposed Governing Documents”). Further, the Proposed Charter and the Proposed Bylaws will differ in certain material respects from the governance documents determining the existing rights of Semnur’s stockholders prior to the Business Combination. Therefore, stockholders of Semnur will experience certain changes in their previous rights as stockholders of Semnur as compared to their new rights as stockholders of New Semnur, following the Business Combination. Set forth below is a summary comparison of material differences between the rights of Denali’s shareholders under the Current Denali Charter (left column), rights of Semnur’s stockholders under the Current Semnur Charter and Current Semnur Bylaws (middle column), and rights of Denali’s shareholders and the former Semnur stockholders (each as stockholders in New Semnur following the Business Combination) under the Proposed Charter and Proposed Bylaws (right column). The summary set forth below is not intended to be complete or to provide a comprehensive discussion of the governing documents described herein. The summary below is subject to, and qualified in its entirety by reference to, the full text of the Current Denali Charter, the Current Semnur Charter, the Current Semnur Bylaws, the Proposed Charter, the Proposed Bylaws, as well as the relevant provisions of the DGCL and corporate laws of the Cayman Islands, including the Companies Act of the Cayman Islands. A copy of each of the Proposed Charter and the Proposed Bylaws is attached as Annex Band Annex C, respectively, to this proxy statement/prospectus. You should carefully read this entire document and the other referenced documents, including the governing corporate instruments, for a more complete understanding of the differences between being a Denali shareholder before the Business Combination, being a Semnur stockholder and being a New Semnur stockholder following the completion of the Business Combination. For information on the Charter Approval Proposal, see the section titled “ Proposal 3 — ¯The Charter Approval Proposal.”

| Current Denali Governance                                                                                                                                                                                                      |     | Current Semnur Governance