Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 358

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 358
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 forward purchase agreement or similar arrangement or (ii) in connection with the consummation of a business combination at prices no greater than the price at which the Founder Shares, Denali Private Placement Units or Denali Class A Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to Denali for no value for cancellation in connection with the consummation of a business combination, (h) in the event of the Company’s liquidation prior to the completion of a business combination; or (i) in the event of completion of a liquidation, merger, share |

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| Subject Securities                                                                                |     | Expiration Date                                         |     | Persons Subject to 
 Restrictions       |     | Exceptions to Transfer                                                                                                                                                                                                                                                                                                                                                                                                                          
 Restrictions                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                   |     |                                                         |     |                    |     | exchange or other similar transaction which results in all of Denali’s public shareholders having the right to exchange their Denali Class A Ordinary Shares for cash, securities or other property subsequent to the completion of a business combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. |
| Denali Private Placement Units (and the securities underlying the Denali Private Placement Units) |     | 30 days after the completion of a business combination. |     | The Sponsor.       |     | Same as above.                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Shares that may be issued upon conversion of working capital loans                                |     | 30 days after the completion of a business combination. |     | The Sponsor.       |     | Same as above.                                                                                                                                                                                                                                                                                                                                                                                                                                  |

Satisfaction of 80% Test It is a requirement under the Nasdaq listing requirements that any business acquired by Denali have a fair market value equal to at least 80% of the balance of the funds in the Trust Account (excluding any deferred underwriting commissions) at the time of the execution of a definitive agreement for an initial business combination. The Denali Board considered the opinion delivered by CB Capital to the effect that, as of the date of the opinion, and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review undertaken and qualifications contained in the opinion, the valuation range for the acquired assets referenced therein, from a financial point of view, of between $2.001 billion