Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 19

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 19
---
aid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. As of December 31, 2024, Scilex has deposited an aggregate of $75,292, drawn down from the Scilex Convertible Promissory Note, to the Trust Account to extend the time the Company has to consummate an initial business combination to January 11, 2025. On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex deposited an aggregate of $45,191 drawn down from the Scilex Convertible Promissory Note to the Trust Account to extend the time the Company has to consummate an initial business combination to April 11, 2025. On April 11, 2025, following the approval by Denali’s shareholders of the Third Extension Amendment Proposal (as defined below) at the Third Extension Meeting (as defined below), Scilex deposited $874.78 drawn down from the Scilex Convertible Promissory Note to the Trust Account to extend the time the Company has to consummate an initial business combination to May 11, 2025. The Company has the option to extend on a monthly basis up to December 11, 2025. Following the delisting from Nasdaq, the Public Units, Denali Class A Ordinary Shares and Public Warrants commenced trading on the OTC Markets under the symbols “DNQUF,” “DNQAF” and “DNQWF,” respectively. As a result, we may face significant material adverse consequences, including:

| • |     | Denali may no longer be attractive as a merger partner once its securities are no longer listed on an exchange, which would significantly hinder the ability to complete a business combination; |

| • |     | a limited availability of market quotations for Denali’s securities; |

| • |     | a determination that Denali’s securities are a “penny stock,” which will require brokers trading in the securities to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the securities; |

| • |     | reduced liquidity of Denali’s securities; |

| • |     | a limited amount of news and analyst coverage in the future; |

| • |     | institutional investors losing interest in Denali’s securities; and |

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