Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 692

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 692
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, the Denali directors may settle the same as they think expedient and in particular may issue fractional shares and may fix the value for distribution of such specific assets or any part thereof and may determine that cash payments shall be made to any members upon the basis of the value so fixed in order to adjust the rights of all members and may vest any such specific assets in trustees in such manner as may seem expedient to the directors. |     | The Current Semnur Bylaws provides that, subject to any restrictions contained in the Current Semnur Charter or applicable law, the board of directors may declare and pay dividends upon the shares of Semnur’s capital stock, which dividends may be paid in cash, in property, or in shares of Semnur’s capital stock, subject to the provisions of the Current Semnur Charter. The board of directors may set apart out of any of Semnur’s funds available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. |     | The Proposed Bylaws will provide that, subject to applicable law and the Proposed Charter, the New Semnur Board may declare and pay dividends upon the shares of capital stock of New Semnur, which dividends may be paid either in cash, in property or in shares of the capital stock of New Semnur. Subject to applicable law and the Proposed Charter, the New Semnur Board shall have full power to determine whether any dividends shall be declared and paid to stockholders. |

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| Current Denali Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |     | Current Semnur Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     | Proposed Governance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Liquidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Under the Current Denali Charter, if Denali shall be wound up, the liquidator shall apply the assets of Denali in satisfaction of creditors’ claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Denali Ordinary Shares, in a winding up: (i) if the assets available for distribution amongst the members shall be insufficient to repay the whole of Denali’s issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the members in proportion to the par value of the shares held by them; or (ii) if the assets available for distribution amongst the members shall be more