Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 1083

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 1083
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 be approved or that New Semnur will meet the applicable listing standards. If New Semnur is unable to obtain listing on a national securities exchange, New Semnur’s securities will continue to trade on the OTC Markets following the Business Combination. Denali shareholders will be provided with information regarding the status of any listing application prior to the date on which Denali shareholders are required to vote on the proposals contained in this proxy statement/prospectus. Such information will be provided through an appropriate filing with the Securities and Exchange Commission and other customary methods for shareholder communications and made available to shareholders in advance of the shareholder vote.

After the completion of the Business Combination, Scilex (Semnur’s controlling stockholder) will continue to control a majority of the voting power of New Semnur for the election of directors. Depending on the number of Denali Class A Ordinary Shares that are redeemed in connection with the Business Combination, we anticipate that Scilex will own approximately 83.8% of the outstanding common stock of New Semnur (without taking into account the dilutive impact of the Scilex Dividend described elsewhere in this proxy statement/prospectus). As a result of this controlling interest, if the New Semnur Common Stock is listed on Nasdaq following the Business Combination, New Semnur would qualify as a “controlled company” within the meaning of Nasdaq’s corporate governance rules. This status would permit New Semnur to elect not to comply with certain Nasdaq corporate

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governance requirements, such as the requirement that a majority of its board of directors consist of independent directors and that its nominating and corporate governance and compensation committees be composed entirely of independent directors. While New Semnur does not presently intend to rely on these exemptions, should it become a Nasdaq-listed controlled company, New Semnur may opt to utilize such exemptions in the future as long as it remains a controlled company and its securities are listed on Nasdaq (or another exchange that provides similar exemptions). If New Semnur’s securities are not listed on Nasdaq, the specific “controlled company” exemptions under Nasdaq Listing Rules would not be applicable, although Scilex’s significant voting control would still be a key factor in New Semnur’s corporate governance. Following Denali’s delisting from Nasdaq, the Public Units, Denali Class A Ordinary Shares and Public Warrants commenced trading on the OTC Markets under the symbols “DNQUF,”