Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 387

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 387
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 each issued and outstanding warrant to purchase Denali Class A Ordinary Shares will convert automatically into a warrant to acquire
one share of New Semnur Common Stock, and (iii) each issued and outstanding Unit will be converted automatically into a new unit with each unit representing one share of New Semnur Common Stock and one warrant to purchase New Semnur Common
Stock at an exercise price of $11.50 per share on the terms and conditions set forth in Denali’s form of Warrant Agreement.

Holders of the Denali
Class B Ordinary Shares will have ten votes per share and holders of Denali Class A Ordinary Shares will have one vote per share in respect of the Domestication Proposal.

The Domestication Proposal, if approved, will approve a change of Denali’s jurisdiction of incorporation from the Cayman Islands to the State of
Delaware. Accordingly, while Denali is currently incorporated as an exempted company under the Companies Act, upon the Domestication, Denali will be governed by the DGCL. Denali encourages shareholders to carefully consult the information set out
below under “Comparison of Shareholders’ Rights.” Additionally, if the Domestication Proposal is approved, then Denali will also ask its shareholders to approve the Charter Approval Proposal (discussed below), which, if
approved, will replace the Current Denali Charter with the Proposed Charter and the Proposed Bylaws under the DGCL. The Proposed Charter and the Proposed Bylaws differ in certain material respects from the Current Denali Charter and Denali
encourages shareholders to carefully consult the information set out below under “Proposal 3–The Charter Approval Proposal” and “Proposal 4–The Bylaws Approval Proposal” and the Proposed Charter and the Proposed Bylaws, attached hereto as and respectively.

Reasons for the Domestication

The Denali Board believes that it would be in the best interests of Denali to effect the Domestication immediately prior to the completion of the Business
Combination.

Because Denali will operate within the United States following the Merger, it is the view of the Denali Board that Denali should also be
structured as a corporation organized in the United States. The Denali Board believes Delaware provides a recognized body of corporate law that will facilitate corporate governance by Denali officers and directors. Delaware maintains a favorable
legal and regulatory environment in which to operate. For many years, Delaware has followed a policy of encouraging companies to incorporate there and, in furtherance of that policy, has adopted comprehensive, modern and flexible corporate laws