Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 257

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 257
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 redeemable by New Semnur, New Semnur may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of the outstanding Warrants could force the holders thereof to: (i) exercise such Warrants and pay the exercise price therefor at a time when it may be disadvantageous for a holder to do so; (ii) sell such Warrants at the then-current market price when a holder might otherwise wish to hold such Warrants; or (iii) accept the nominal redemption price that, at the time the outstanding Warrants are called for redemption, is likely to be substantially less than the market value of such Warrants.

In addition, New Semnur may redeem the Warrants at any time after they become exercisable and prior to their expiration for a number of shares of New Semnur Common Stock determined based on the fair market value of New Semnur Common Stock. The value received upon exercise of the Warrants (1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Warrants.

Risks Related to Denali and the Business Combination

Unless the context otherwise requires, throughout this subsection, references to “we,” “us,” “our” and “the Company” refer to Denali.

Denali has no operating history and its results of operations and those of Semnur may differ significantly from the unaudited pro forma financial data included in this proxy statement/prospectus.

Denali is a blank check company incorporated on January 5, 2022 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, and it has no operating history or results.

This proxy statement/prospectus includes unaudited pro forma combined financial statements for Denali and Semnur. The unaudited pro forma condensed combined balance sheet as of March 31, 2025 combines the historical unaudited consolidated balance sheet of Denali as of March 31, 2025 and the historical unaudited**

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**balance sheet of Semnur as of March 31, 2025 on a pro forma basis as if the Business Combination and Other Related Events (in each case