Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 274

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 274
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 who are seeking a return on investments in government securities or investment securities. Instead, the Trust Account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of Denali’s initial business combination; (ii) the redemption of any Denali Class A Ordinary Shares properly submitted in connection with a shareholder vote to amend the Current Denali Charter (A) to modify the substance or timing of Denali’s obligation to allow redemption in connection with Denali’s initial business combination or to redeem 100% of the Denali Class A Ordinary Shares if Denali does not complete its initial business combination prior to the termination date or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial 151

business combination activity; or (iii) absent an initial business combination prior to the termination date, Denali’s return of the funds held in the Trust Account to public shareholders as part of Denali’s redemption of the Denali Class A Ordinary Shares. If Denali does not invest the proceeds as discussed above, Denali may be deemed to be subject to the Investment Company Act.

If Denali is deemed to be an investment company for purposes of the Investment Company Act, Denali would need to register as such under the Investment Company Act and compliance with these additional regulatory burdens would require additional expenses for which Denali has not allotted funds and may hinder Denali’s ability to complete an initial business combination. Denali may also be forced to abandon its efforts to complete an initial business combination, including the Business Combination, and instead be required to liquidate the Trust Account. In which case, Denali investors would not be able to realize the benefits of owning shares in a successor operating business, including the potential appreciation in the value of Denali securities following such a transaction, and the warrants would expire worthless.

The historical financial results of Semnur and unaudited pro forma financial information included elsewhere in this proxy statement/prospectus may not be indicative of what New Semnur’s actual financial position or results of operations would have been.

The historical financial results of Semnur included in this proxy statement/prospectus do not reflect the financial condition, results of operations or cash flows they would have achieved as a standalone company during the periods presented or those the combined company will achieve in the future. This is primarily the result of the following factors: (i) the combined company will incur additional ongoing costs as a result of the Business Combination, including costs related to public company reporting, investor relations and