Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 341

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 341
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 Class A Ordinary Shares elect to redeem their public shares prior to the consummation of the Business Combination pursuant to the Current Denali Charter, which would provide less capital to New Semnur after Closing. |

| • |     | Litigation. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination. |

| • |     | Listing Risks. The challenges associated with preparing New Semnur and its subsidiaries for the applicable disclosure and listing requirements to which New Semnur will be subject as a publicly traded company on Nasdaq. |

| • |     | Fees and Expenses. The fees and expenses associated with completing the Business Combination. |

The Denali Board concluded that the potential benefits that it expected Denali and Denali’s shareholders to receive as a result of the Business Combination outweighed the potentially negative factors and other risks associated with the Business Combination. Accordingly, the Denali Board unanimously determined that the Merger Agreement, the other ancillary agreements referenced therein, and the transactions contemplated thereby were advisable to and in the best interests of Denali and its shareholders. The Business Combination Proposal requires the affirmative vote of the majority of the Denali Ordinary Shares present in person or represented by proxy and entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. The Business Combination is not structured so that approval of at least a majority of unaffiliated Denali shareholders is required. No unaffiliated representative has been retained to act solely on behalf of the public shareholders of Denali for purposes of negotiating the terms of the Business Combination on their behalf and/or preparing a report concerning the approval of the Business Combination. A majority of the directors who are not employees of Denali did not retain an unaffiliated representative to act solely on behalf of unaffiliated security holders for purposes of negotiating the terms of the Business Combination or prepare a report concerning the approval of the Business Combination. Certain Semnur Projected Financial Information In connection with its evaluation of the Business Combination, the Denali Board considered certain non-publicfinancial projections prepared by Semnur’s management with respect to Semnur as a standalone company (the “Semnur Management Projections”). The Semnur Management Projections were prepared in August 2024 for annual long-termstrategic planning purposes and include revenue forecasts for each of the years in the 20-yearperiod ending December 31, 2043. The