Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 298

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 298
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 bad faith, thereby exposing itself and Denali to claims of punitive damages, by paying public shareholders from the Trust Account prior to addressing the claims of creditors.

Denali or Semnur may waive one or more of the conditions to the Business Combination without resoliciting shareholder approval.

Denali or Semnur may agree to waive, in whole or in part, some of the conditions to its obligations to complete the Business Combination, to the extent permitted by applicable laws. The Denali Board will evaluate the materiality of any waiver to determine whether amendment of this proxy statement/prospectus and resolicitation of proxies is warranted. In some instances, if the Denali Board determines that a waiver is not sufficiently material to warrant resolicitation of shareholders, Denali has the discretion to complete the Business Combination without seeking further shareholder approval. For example, it is a condition to Denali’s obligations to close the Business Combination that there be no applicable law and no injunction or other order restraining or imposing any condition on the consummation of the Business Combination, however, if the Denali Board determines that any such order or injunction is not material to the business of Semnur, then the Semnur Board may elect to waive that condition without shareholder approval and close the Business Combination.

For more information about the closing conditions to the Business Combination, see the section titled “The Merger Agreement–Closing Conditions.”

The Domestication may be a taxable event for U.S. Holders of Denali Ordinary Shares and Warrants.

Subject to the limitations and qualifications described in “Material U.S. Federal Income Tax Consequences — U.S. Holders — U.S. Federal Income Tax Consequences of the Domestication to U.S. Holders of Denali Securities,” including the application of the PFIC rules and Section 367(b) of the Code, a U.S. Holder (as defined below) should not recognize gain or loss on the exchange of Denali Ordinary Shares or Warrants for New Semnur Common Stock and New Semnur Warrants (collectively, “Domesticated Denali securities”), as applicable, pursuant to the Domestication. However, even if the Domestication qualifies as a “reorganization” within the meaning of Section 368 of the Code, a U.S. Holder of Denali securities may still recognize gain (but not loss) or be required to include the “all earnings and profits amount” upon the exchange of its Denali securities for Domesticated Denali securities pursuant to the Domestication under Section 367