Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 293

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 293
---
 operations will depend upon the performance of Semnur, which is affected by factors that are different from those currently affecting the results of operations of Denali.

If the Business Combination’s benefits do not meet the expectations of financial analysts, the market price of New Semnur Common Stock may decline.

The market price of the New Semnur Common Stock may decline as a result of the Business Combination if the combined company does not achieve the perceived benefits of the Business Combination as rapidly, or to the extent anticipated by, financial analysts or the effect of the Business Combination on the combined company’s financial results is not consistent with the expectations of financial analysts. Accordingly, holders of Denali securities may experience a loss as a result of a decline in the market price of New Semnur Common Stock. In addition, a decline in the market price of New Semnur Common Stock could adversely affect New Semnur’s ability to issue additional securities and to obtain additional financing in the future.

Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated or cannot be met.

The completion of the Business Combination is conditioned on the resolution of certain orders, injunctions or decrees by any court or regulatory authority of competent jurisdiction that would prohibit or make illegal the completion of the Business Combination. Denali and Semnur believe that the Business Combination should not**

<div align='center'>161</div>

raise significant regulatory concerns and that Denali and Semnur will be able to obtain all requisite regulatory approvals in a timely manner. However, Denali and Semnur cannot be certain when or if regulatory approvals will be obtained or, if obtained, the conditions that may be imposed. In addition, neither Denali nor Semnur can provide assurance that any such conditions, terms, obligations or restrictions will not result in delay. See the section titled “ The Merger Agreement — Closing Conditions.” Termination of the Merger Agreement could negatively impact Denali. If the Business Combination is not completed for any reason, including as a result of Denali shareholders declining to approve the proposals required to effect the Business Combination, the ongoing businesses of Denali may be adversely impacted and, without realizing any of the anticipated benefits of completing the Business Combination, Denali would be subject to a number of risks, including the following:

| • |     | Denali may experience negative reactions from the financial markets, including negative impacts on its share price (including to the extent that the current market price reflects a market assumption that the Business Combination