Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 305

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 305
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 and ancillary agreements entered into in connection with the Longevity Merger Agreement will also automatically terminate in accordance with their respective terms.

In evaluating potential businesses and assets for Denali to acquire, subsequent to the consummation of the IPO and termination of the Longevity Merger
Agreement, Denali and the Sponsor surveyed the landscape of potential acquisition opportunities based on their knowledge of, and familiarity with, the mergers and acquisitions marketplace by going back and reviewing the potential targets considered
prior to entering the Longevity Merger Agreement. As an underwriter of the IPO, US Tiger is owed a portion of the $2,887,500 deferred underwriting commission, which is payable only upon completion of a business combination in the form of cash and
New Semnur Common Stock. US Tiger is not owed any other fees from Denali that are contingent upon the completion of the Business Combination.

In the
process that led to identifying Semnur as an attractive investment opportunity, Denali’s management team identified six potential target companies (including Semnur, and five of which were reviewed in connection with entering into the
Longevity Merger Agreement) across various industries.

As part of this process, Denali identified certain general,
non-exclusive criteria and guidelines that it believed were important in evaluating prospective business combination targets. In general, Denali broadly focused on potential target businesses that it believed
(i) had attractive long-term growth potential, (ii) had a core product that was or had the potential to be competitively positioned within the applicable industry and (iii) had an experienced management team with an attractive
business plan that would benefit from being a public company

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due to the potential for access to a broader source of capital and greater visibility. In addition, Denali also considered the development stage of potential targets’ corresponding industries and any relevant regulatory risks associated with such target businesses and their respective industries. As a result of the foregoing process, Denali eliminated each of the five previous potential business combination targets reviewed in connection with entering into the Longevity Merger Agreement (the “Other Potential Targets”) from consideration and for a variety of reasons, including a combination of the following: (a) misaligned expectations around potential valuations between each applicable target company management and Denali, (b) target companies being in an early development stage without a concrete plan to reach commercialization, (c) target companies requiring funding for operating capital that Denali did not believe achievable under existing market conditions (d) target companies operating in markets that Denali believed