Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 14

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 14
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 advisors stand to earn a positive rate of return or profit on their investment, even if other shareholders, such as Denali’s public shareholders, experience a negative rate of return because the post-business combination company subsequently declines in value. Thus, the Sponsor, our officers and directors, and their respective affiliates may have more of an economic incentive for us to, rather than liquidate if we fail to complete our initial business combination by December 11, 2025, enter into an initial business combination on potentially less favorable terms with a potentially less favorable, more risky, weaker-performing or financially unstable business, or an entity lacking an established record of revenues or earnings, than would be the case if such parties had paid the full offering price for their Denali Class B Ordinary Shares. |

| • |     | The 1,562,500 shares of New Semnur Common Stock into which the 1,562,500 Denali Class B Ordinary Shares held by the Sponsor Persons will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $18,578,125, based upon the closing price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. The 510,000 shares of New Semnur Common Stock into which the 510,000 Denali Private Placement Shares underlying the Denali Private Placement Units held by the Sponsor will automatically convert in connection with the Business Combination, if unrestricted and freely tradable, would have had an aggregate market value of $6,063,900, based upon the closing price of $11.89 per public share on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. The 510,000 New Semnur Warrants into which the 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units held by the Sponsor will convert in connection with the Merger, if unrestricted and freely tradable, would have had an aggregate market value of $25,500 based upon the closing price of $0.05 per Public Warrant on the OTC Markets on April 17, 2025, the most recent practicable date prior to the date of this proxy statement/prospectus. |

| • |     | In the event that Denali fails to consummate a