Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 95

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 95
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 Semnur entered into the Merger Agreement. Pursuant to the Merger Agreement and subject to the terms and conditions set forth therein, (i) prior to the Effective Time, Denali will change its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (see “Proposal 2 — The Domestication Proposal” for further information on the Domestication) and (ii) at the Effective Time, and following the Domestication, Merger Sub will merge with and into Semnur, with Semnur continuing as the surviving entity and wholly owned subsidiary of Denali. The Denali Board has (a) approved and declared advisable the Merger Agreement, the Business Combination and the other transactions contemplated thereby and (b) resolved to recommend that Denali’s shareholders approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Business Combination.

The Merger Agreement was amended on April 16, 2025, pursuant to Amendment No. 1 to Merger Agreement, by and among Denali, Merger Sub and Semnur. Among other things, Amendment No. 1 to Merger Agreement (i) modifies certain covenants of the parties to address the delisting of the Denali Securities from the Nasdaq Capital Market, (ii) extends the Outside Date to September 30, 2025, and (iii) requires Denali to amend its organizational documents to extend the period of time within which Denali can complete a business combination to December 11, 2025, or such other date that is mutually agreed to by Semnur and Denali.**

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**The Merger Agreement was amended on July 22, 2025, pursuant to Amendment No. 2 to Merger Agreement, by and among Denali, Merger Sub and Semnur. Among other things, Amendment No. 2 to Merger Agreement modifies the definitions of the Exchange Ratio and Merger Consideration to facilitate the issuance of additional shares of Semnur Common Stock prior to the closing of the Business Combination in connection with any potential private placement financing and to advisors and other service providers for services rendered.

Merger Consideration and Preferred Consideration

As a result of and upon the closing of the Business Combination, among other things, (i) each outstanding share of Semnur Common Stock as of immediately prior to the Effective Time (other than shares