Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 404

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 404
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Recommendation of the Denali Board

THE DENALI BOARD UNANIMOUSLY RECOMMENDS THAT DENALI’S SHAREHOLDERS VOTE “FOR” THE APPROVAL OF EACH OF THE ADVISORY GOVERNANCE PROPOSALS.

The existence of financial and personal interests of one or more of Denali’s directors may result in a conflict of interest on the part of such director(s) between what such director or directors may believe is in the best interests of Denali and its shareholders and what such director or directors may believe is best for such director or directors in determining to recommend that shareholders vote for the Proposals. In addition, Denali’s officers have interests in the Business Combination that may conflict with your interests as a shareholder. See the section above titled “Proposal 1—The Business Combination Proposal—Interests of Certain Persons in the Business Combination” for a further discussion of these considerations.**

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PROPOSAL 6 — THE DIRECTOR ELECTION PROPOSAL Overview Pursuant to the Merger Agreement, Denali has agreed to take all necessary action, including causing the Denali Board to resign, so that effective at the Closing, the New Semnur Board will consist of five individuals, a majority of whom will be independent directors in accordance with the requirements of Nasdaq. Director Nominees At the Meeting, it is proposed that five directors will be elected to be the directors of New Semnur to take office upon consummation of the Business Combination. Immediately prior to and upon the consummation of the Business Combination, the New Semnur Board will be reclassified into three classes: Class I, Class II and Class III. The number of directors in each class is as equal as possible. The Class I Directors stand appointed for a term expiring at Denali’s first annual general meeting, the Class II Directors stand appointed for a term expiring at our second annual general meeting and the Class III Directors stand appointed for a term expiring at our third annual general meeting. Commencing at the first annual general meeting, and at each annual general meeting thereafter, directors appointed to succeed those directors whose terms expire are appointed for a term of office to expire at the third succeeding annual general meeting after their appointment. Except as applicable law may otherwise require, in the interim between annual general meetings or extraordinary general meetings called for the appointment of directors and/or the removal of one or more directors and the filling of any vacancy, additional directors and any vacancies in the