Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 691

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 691
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 Class A Ordinary Share (or New Semnur Common Stock following the closing of the Business Combination), in accordance with the terms of the Warrant Agreement governing the Public Warrants and the Private Warrants. 8,235,378 of these warrants are Public Warrants and are freely tradable, except for any warrants purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. In addition, we will be obligated to maintain an effective registration statement under the Securities Act covering the 8,760,000 shares of New Semnur Common Stock that may be issued upon the exercise of the New Semnur Warrants.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of Semnur’s employees, consultants or advisors who purchases common stock from Semnur in connection with a compensatory stock plan or other written agreement executed prior to the completion of the Business Combination is eligible to resell those equity shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

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COMPARISON OF SHAREHOLDERS’ RIGHTS Denali is a Cayman Islands exempted company. The Companies Act of the Cayman Islands, Cayman Islands law generally and the Current Denali Charter govern the rights of its shareholders. The Companies Act of the Cayman Islands and Cayman Islands law generally differ in some material respects from laws generally applicable to United States corporations and their shareholders. As a result, when Denali shareholders become stockholders of New Semnur, their rights will differ in some regards as compared to when such holders were shareholders of Denali. In addition, the Current Denali Charter will differ in certain material respects from the Proposed Charter and the Proposed Bylaws (together, the “Proposed Governing Documents”). Further, the Proposed Charter and the Proposed Bylaws will differ in certain material respects from the governance documents determining the existing rights of Semnur’s stockholders prior to the Business Combination. Therefore, stockholders of Semnur will experience certain changes in their previous rights as stockholders of Semnur as compared to their new rights as stockholders of New Semnur, following the Business Combination. Set forth below is a summary comparison of material differences between the rights of Denali’s shareholders under the Current Denali Charter (left column), rights of Semnur’s stockholders under the Current Semnur Charter and Current Sem