Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 293

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 293
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 Conditions.” Termination of the Merger Agreement could negatively impact Denali. If the Business Combination is not completed for any reason, including as a result of Denali shareholders declining to approve the proposals required to effect the Business Combination, the ongoing businesses of Denali may be adversely impacted and, without realizing any of the anticipated benefits of completing the Business Combination, Denali would be subject to a number of risks, including the following:

| • |     | Denali may experience negative reactions from the financial markets, including negative impacts on its share price (including to the extent that the current market price reflects a market assumption that the Business Combination will be completed); |

| • |     | Denali will have incurred substantial expenses and will be required to pay certain costs relating to the Business Combination, whether or not the Business Combination is completed; and |

| • |     | since the Merger Agreement restricts the conduct of Denali’s businesses prior to completion of the Business Combination, Denali may not have been able to take certain actions during the pendency of the Business Combination that would have benefitted it as an independent company, and the opportunity to take such actions may no longer be available (see the section titled “The Merger Agreement — Conduct of Business by Denali” of this proxy statement/prospectus for a description of the restrictive covenants applicable to Denali). |

**If the Merger Agreement is terminated and the Denali Board seeks another business combination target, Denali shareholders cannot be certain that Denali will be able to find another acquisition target that would constitute a business combination or that such other business combination will be completed. See the section titled “ The Merger Agreement — Termination; Effectiveness.” Denali’s independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about Denali’s ability to continue as a “going concern.” As of March 31, 2025, Denali had cash and marketable securities held in the Trust Account of $9,147,903 and cash of $2,736 held outside of the Trust Account. In connection with the July 10, 2024 extraordinary general meeting to extend the business combination deadline, shareholders holding 3,785,992 public shares exercised their right to redeem such shares, resulting in approximately $43.4 million (approximately $11.47 per share) being removed from the Trust Account. In connection with the April 11, 2025 extraordinary general meeting to extend the business combination deadline, shareholders holding