Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 408

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 408
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 to vote generally in the election of directors, the stockholders may also fix the number of directors by resolution adopted by the stockholders.

Advisory Proposals C, D and E — Required Vote for the Removal of Directors; Required Vote to Amend Certain Provisions of the Proposed Charter; Required Vote to Amend the Proposed Bylaws

The Denali Board believes that supermajority voting requirements described in Advisory Governance Proposals C, D and G are appropriate to protect all stockholders of Denali against the potential self-interested actions by one or a few large stockholders after the business combination. In reaching this conclusion, the Denali Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common stock following the business combination.

Advisory Proposal F — Stockholder Action by Written Consent

The Denali Board believes that it is desirable to prohibit, from and after the Scilex Trigger Event, stockholder action by written consent as a prudent corporate governance measure to reduce the possibility that a block of stockholders could take corporate actions without the benefit of a stockholder meeting to consider important corporate issues.

Advisory Proposal G — Changes in Connection with Adoption of the Proposed Charter

The Denali Board believes that changing the post-Business Combination corporate name from “Denali Capital Acquisition Corp.” to “Semnur Pharmaceuticals, Inc.” and making the post-Business Combination company’s corporate existence perpetual is desirable to reflect the Business Combination with Semnur and to clearly identify the post-Business Combination company as the publicly traded entity. Additionally, perpetual existence is the usual period of existence for corporations, and the Denali Board believes that it is the most appropriate period for the company following the business combination.

Furthermore, the Denali Board has determined it is in the best interest of Denali to eliminate provisions specific to its status as a blank check company. This deletion is desirable because these provisions will serve no purpose following consummation of the business combination. For example, these proposed amendments remove the requirement to dissolve Denali and allow Denali to continue as a corporate entity with perpetual existence following consummation of the business combination. Perpetual existence is the usual period of existence for corporations, and the Denali Board believes it is the most appropriate period for the company following the business combination.

Vote Required for Approval

The approval of the Advisory Governance Proposals requires an ordinary resolution under Cayman Islands law, being the affirmative vote of the majority of the Denali Ordinary Shares present in person or represented by proxy and