Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 285

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 285
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 the market value of your warrants. Denali’s Ordinary Shares have never traded above $16.50 per share.**

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**In addition, we have the ability to redeem the outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant if, among other things, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganization, recapitalizations and the like). In such case, the holders will be able to exercise their warrants prior to the redemption for a number of shares of New Semnur Common Stock determined based on the redemption date and the fair market value of New Semnur Common Stock.

Since the consummation of the IPO and the subsequent trading of the Denali Ordinary Shares, the last reported sale price of Denali Class A Ordinary Shares has not equaled or exceeded a Reference Value of $10.00.

Denali has no obligation to notify holders of the warrants that they have become eligible for redemption. However, pursuant to the Warrant Agreement, in the event Denali decides to redeem the warrants, Denali is required to mail notice of such redemption to the registered warrant holders not less than 30 days prior to the redemption date. The warrants may be exercised any time after notice of redemption is given and prior to the redemption date. None of the Denali Private Placement Warrants will be redeemable by Denali so long as they are held by the Sponsor or its permitted transferees; provided the Denali Private Placement Warrants may be redeemed in accordance with the Warrant Agreement (and must be redeemed if the public warrants are being redeemed) if the Reference Value equals or exceeds $10.00 per share and does not equal or exceed $16.50 per share.

If Denali’s due diligence investigation of Semnur was inadequate, then shareholders of Denali following the Business Combination could lose some or all of their investment.

Even though Denali conducted a due diligence investigation of Semnur, Denali cannot be sure that this diligence uncovered all material issues that may be present inside Semnur or its business, or that it would be possible to uncover all material issues through a customary amount of due diligence, or that factors outside of Semnur’s and Denali’s control will not later arise. As a result, Denali may be forced to later write–down or write–off assets, re