Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 332

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 332
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 Denali, the Denali Board believes that the proposed Business Combination represents the best potential business combination for Denali and the most attractive opportunity for Denali’s shareholders based upon the process utilized to evaluate 
 and assess other potential 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.                                                                        |

195

| • |     | 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