Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 450

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 450
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, our management will perform an analysis of the alternatives available to it and will only enter into an agreement with a
third party that has not executed a waiver if management believes that such third party’s engagement would be significantly more beneficial to us than any alternative.

In connection with the Extension Amendment (as defined in the Merger Agreement), approximately $40.5 million (approximately $10.92 per share) was removed
from the Trust Account to pay such holders. In connection with the Second Extension Meeting, approximately $43.4 million (approximately $11.47 per share) was removed from the Trust Account to pay such holders.

Under Cayman Islands law, shareholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in
a dissolution. The portion of the Trust Account distributed to Denali’s public shareholders upon the redemption of 100% of outstanding Denali Class A Ordinary Shares in the event Denali does not complete its initial business combination
by December 11, 2025, may be considered a liquidation distribution under Cayman Islands law. If the corporation complies with certain procedures as required by Cayman Islands law intended to ensure that it makes reasonable provision for all
claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period during which the
corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions are made to shareholders, any liability of shareholders with respect to a liquidating
distribution is limited to the lesser of such shareholder’s pro rata share of the claim or the amount distributed to the shareholder, and any liability of the shareholder would be barred after the third anniversary of the dissolution.

Furthermore, if the pro rata portion of the Trust Account distributed to holders of Denali Class A Ordinary Shares upon the redemption of
Denali Class A Ordinary Shares in the event Denali does not complete its initial business combination by December 11, 2025, is not considered a liquidating distribution under Cayman Islands law and such redemption distribution is deemed to
be unlawful (potentially due to the imposition of legal proceedings that a party may bring or due to other circumstances that are currently unknown), then pursuant to Cayman Islands law, the statute of limitation for claims of creditors could then
be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating distribution.

If Denali files
a bankruptcy