Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 409

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 409
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 or potential issuance will result in a “change of control” of the issuer. Although Nasdaq has not adopted any rule on what constitutes a
“change of control” for purposes of Rule 5635(b), Nasdaq has previously indicated that the acquisition of, or right to acquire, by a single investor or affiliated investor group, as little as 20% of the common stock (or securities
convertible into or exercisable for common stock) or voting power of an issuer could constitute a change of control.

Upon the consummation of the
Business Combination and the Domestication, Denali expects to issue up to an estimated 251,000,000 shares of New Semnur Common Stock. See the section titled “The Merger Agreement — Merger Consideration.” Because the number
of New Semnur Common Stock that Denali anticipates issuing as consideration in the Business Combination (i) will constitute more than 20% of the outstanding Denali Ordinary Shares and more than 20% of outstanding voting power prior to such
issuance and (ii) will result in a change of control of Denali, Denali would be required to obtain shareholder approval of such issuance pursuant to Nasdaq Listing Rules 5635(a) and (b) if New Semnur is to be listed on Nasdaq and
maintain such listing post-Business Combination. The approval of this Nasdaq Proposal by Denali’s shareholders is a condition to closing the Business Combination.

If the Nasdaq Proposal is approved, Denali will issue up to 251,000,000 shares of New SemnurCommon Stock upon consummation of the Business Combination
and the Domestication.

The issuance of such shares would result in significant dilution to the Denali shareholders and result in Denali’s
shareholders having a smaller percentage interest in the voting power, liquidation value and aggregate book value of Denali.

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Vote Required for Approval

Approval of the Nasdaq Proposal 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 entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof.

The
Nasdaq Proposal is conditioned on the approval of the other Condition Precedent Proposals.

Resolution to be Voted Upon

The full text of the resolution to be passed is as follows:

“RESOLVED, AS AN ORDINARY RESOLUTION THAT, for purposes of