Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 425

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 425
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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 complying with Nasdaq Listing Rule 5635(a) and (b), the issuance of more than 20% of the issued and outstanding Denali Ordinary Shares and the resulting change in control in connection with the Business Combination, be and is hereby approved and adopted (such proposal, the “Nasdaq Proposal”). The Nasdaq Proposal is conditioned on the approval of the other Condition Precedent Proposals.”

#### Recommendation of the Denali Board
**THE DENALI BOARD UNANIMOUSLY RECOMMENDS THAT DENALI’S SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE NASDAQ PROPOSAL.

The existence of financial and personal interests of one or more of Denali’s directors may result in a