Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 142

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 142
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 and Scilex will lose its entire investment in us if our initial business combination is not completed. |

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| • |     | Denali’s shareholders may be held liable for claims by third parties against Denali to the extent of distributions received by them upon redemption of their public shares. |

| • |     | A shareholder-approved amendment to the Current Denali Charter removed the limitation that Denali may not redeem public shares in an amount that would cause Denali’s net tangible assets to be less than $5,000,001 contained therein, and the Merger Agreement does not include a closing condition that requires New Semnur to have at least $5,000,001 of net tangible assets upon the Closing or that New Semnur’s listing on Nasdaq or another national securities exchange has been approved. Accordingly, the Business Combination may be consummated even if the New Semnur Common Stock would be a “penny stock” upon the Closing. |

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RISK FACTORS You should consider carefully the following risk factors, as well as the other information set forth in this proxy statement/prospectus, including matters addressed in the section titled “Cautionary Note Regarding Forward-Looking Statements,” before making a decision on how to vote your Denali Ordinary Shares. If any of these risks actually occur, it may materially harm our business, financial condition, liquidity and results of operations. These risk factors are not exhaustive. We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial. The following discussions should be read in conjunction with our financial statements and the notes to the financial statements included therein. Unless the context otherwise requires, references in the subsection “— Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements”, “— Risks Related to Semnur’s Product Development”, “— Risks Related to Semnur’s Business and Operations”, “— Risks Related to Semnur’s Intellectual Property”, “— Risks Related to Government Regulations” and “— Risks Related to Semnur’s Relationship with Scilex” to “we,” “us,” “our,” and “the Company” generally refer to Semnur in the present tense or New Semnur from and after the Business Combination. Risks Related to Semnur’s Limited Operating History, Financial Condition and Capital Requirements We are a clinical-late stage specialty pharmaceutical company and have incurred significant losses since our inception. We anticipate that we will incur