Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 32

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 32
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 to be Voted Upon233Recommendation of the Denali Board233ii

#### PAGEPROPOSAL 3 — THE CHARTER APPROVAL PROPOSAL234Overview234Reasons for the Approval of the Charter Approval Proposal234Vote Required for Approval236Resolution to be Voted Upon236Recommendation of the Denali Board237PROPOSAL 4 — THE BYLAWS APPROVAL PROPOSAL238Overview238Reasons for the Approval of the Bylaws Approval Proposal238Vote Required for Approval238Resolution to be Voted Upon238Recommendation of the Denali Board238PROPOSALS5A-5G — THEADVISORY GOVERNANCE PROPOSALS240Overview240Advisory Governance Proposals240Reasons for Approval of the Advisory Governance Proposals243Vote Required for Approval244Resolution to be Voted Upon245Recommendation of the Denali Board246PROPOSAL 6 — THE DIRECTOR ELECTION PROPOSAL247Overview247Director Nominees247Vote Required for Approval247Resolution to be Voted Upon248Recommendation of the Denali Board248PROPOSAL 7 — THE NASDAQ PROPOSAL249Overview249Vote Required for Approval250Resolution to be Voted Upon250Recommendation of the Denali Board250PROPOSAL 8 — OPTION EXCHANGE PROPOSAL251Overview251Rationale for the Option Exchange252Vote Required for Approval252Resolution to be Voted Upon252Recommendation of the Denali Board253PROPOSAL 9 — THE ADJOURNMENT PROPOSAL254Consequences if the Adjournment Proposal is Not Approved254Vote Required for Approval254Resolution to be Voted Upon254Recommendation of the Denali Board254MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES256U.S. Holders258Non–U.S. Holders265SELECTED HISTORICAL FINANCIAL DATA OF DENALI269SELECTED HISTORICAL FINANCIAL INFORMATION OF SEMNUR270SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION271iii

#### PAGETRADING MARKET AND DIVIDENDS273Denali273Semnur273BUSINESS OF DENALI274General274Initial Public Offering274Offering Proceeds Held in Trust274Fair Market Value of Target Business275Redemption Rights in Connection with Shareholder Approval of Business Combinations275Voting Obligations in Connection with the Meeting275Redemption of Denali