Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 268

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 268
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 such actions do arise, they generally seek, among other things, injunctive relief and an award of attorneys’ fees and expenses. Defending such lawsuits could require Semnur and Denali to incur significant costs and draw the attention of Semnur’s and Denali’s management teams away from the consummation of the Business Combination. Further, the defense or settlement of any lawsuit or claim that remains unresolved at the time the Business Combination is consummated may adversely affect the combined company’s business, financial condition, results of operations and cash flows. Such legal proceedings could delay or prevent the Business Combination from being consummated within the expected timeframe. The announcement of the proposed Business Combination could disrupt Semnur’s relationships with its suppliers, business partners and others, as well as its operating results and business generally. Risks relating to the impact of the announcement of the Business Combination on Semnur’s businesses include the following:

| • |     | its employees may experience uncertainty about their future roles, which might adversely affect Semnur’s ability to retain and hire key personnel and other employees; |

| • |     | suppliers, business partners and other parties with which Semnur maintains business relationships may experience uncertainty about their future and seek alternative relationships with third parties, seek to alter their business relationships with Semnur or fail to extend an existing relationship with Semnur; and |

| • |     | Semnur has expended and will continue to expend significant costs, fees and expenses for professional services and transaction costs in connection with the proposed Business Combination. |

| • |     | If any of the aforementioned risks were to materialize, they could lead to significant costs which may impact the combined company’s results of operations and cash available to fund its business. |

**Subsequent to consummation of the Business Combination, New Semnur may be exposed to unknown or contingent liabilities and may be required to subsequently take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on New Semnur’s financial condition, results of operations and New Semnur’s share price, which could cause you to lose some or all of your investment. We cannot assure you that the due diligence conducted in relation to Semnur has identified all material issues or risks associated with Semnur or the industry in which it competes. Furthermore, Denali cannot assure you that factors outside of Semnur’s and Denali’s control will not later arise. As a result of these factors, New