Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 345

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 345
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 acquisition targets. |

| • |     | Negotiated Transaction. The terms and conditions of the Merger Agreement and the related agreements and the transactions contemplated thereby, each party’s representations, warranties and covenants, the conditions to each party’s obligation to consummate the Business Combination and the termination provisions, were the product of arm’s length negotiations, and, in the view of the Denali Board, reasonable, and represent a strong commitment by Denali and Semnur to complete the Business Combination. The Denali Board also considered the financial and other terms of the Merger Agreement and the fact that such terms and conditions are, in their view, reasonable and were the product of arm’s-length negotiations between Denali and Semnur. |

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| • |     | Interests of Certain Persons. Some officers and directors of Denali have interests in the Business Combination. See the section titled “Proposal 1 — The Business Combination Proposal — Interests of Certain Persons in the Business Combination.” |

| • |     | Other Risk Factors. Various other risk factors associated with Semnur’s business, as described in the section titled “Risk Factors.” |

Although the Denali Board believes that the Business Combination with Semnur presents an attractive business combination opportunity and is in the best interests of Denali and its shareholders, the Denali Board did consider certain potentially material negative factors in arriving at that conclusion, including, among others:

| • |     | Semnur Business Risks. The Denali Board considered that holders of Denali Ordinary Shares would be subject to the execution risks associated with the combined company if they retained their public shares following the Closing, which will be different from the risks related to holding Denali Ordinary Shares prior to the Closing. In this regard, the Denali Board considered that there were risks associated with successful implementation of Semnur’s long-term business plan and strategy (including risks relating to obtaining and maintaining necessary regulatory approvals for successfully commercializing Semnur’s treatments, the effect of competing clinical, technological and market developments, the outcomes of ongoing and future clinical trials relating to Semnur’s pipeline and rights to use and the ability to protect intellectual property used in Semnur’s business and products, among others) and the combined company realizing the anticipated benefits of the Business Combination on the timeline expected or at all, including due to factors outside of the parties’ control such as new regulatory requirements or changes to existing regulatory requirements (or feedback from regulatory authorities