Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 21

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 21
---
 be forfeited, eliminated or otherwise forgiven. On January 6, 2025, February 11, 2025 and March 11, 2025, Scilex deposited an aggregate of $45,191, drawn down from the Scilex Convertible Promissory Note, to the Trust Account to extend the time the Company has to consummate an initial business combination to April 11, 2025. As of March 31, 2025, Scilex had deposited an aggregate of $120,482, drawn down from the Scilex Convertible Promissory Note, to the Trust Account to extend the time the Company has to consummate an initial business combination to April 11, 2025. On April 11, 2025 and May 9, 2025, Scilex deposited an aggregate total of $1,750, drawn down from the Extension Scilex Convertible Promissory Note, to the Trust Account to extend the time the Company has to consummate an initial business combination to June 11, 2025. Following the delisting from Nasdaq, the Public Units, Denali Class A Ordinary Shares and Public Warrants commenced trading on the OTC Markets under the symbols “DNQUF,” “DNQAF” and “DNQWF,” respectively. As a result, Denali may face significant material adverse consequences, including:

| • |     | Denali may no longer be attractive as a merger partner once its securities are no longer listed on an exchange, which would significantly hinder the ability to complete a business combination; |

| • |     | a limited availability of market quotations for Denali’s securities; |

| • |     | a determination that Denali’s securities are a “penny stock,” which will require brokers trading in the securities to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for the securities; |

| • |     | reduced liquidity of Denali’s securities; |

| • |     | a limited amount of news and analyst coverage in the future; |

| • |     | institutional investors losing interest in Denali’s securities; and |

| • |     | a decreased ability to issue additional securities or obtain additional financing in the future. |

Additionally, the National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.”