Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 57

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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 Shares”). In accordance with the terms and subject to the conditions of the Merger Agreement, following the Domestication
and at the effective time of the Merger (the “Effective Time”): (i) each share of common stock of Semnur issued and
outstanding immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, a number
of New Semnur Shares equal to the Exchange Ratio (as defined in the Merger Agreement); (ii) each share of preferred stock of Semnur issued
and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, (a)
one share of Series A preferred stock of New Semnur (the “New Semnur Preferred Share”) and (b) one-tenth of one New Semnur
Common Share, and (iii) subject to the Company’s receipt of the Option Exchange Approval (as defined in the Merger Agreement), each
option to purchase a share of Semnur common stock that is then outstanding shall be converted into the right to receive an option to purchase
a number of New Semnur Common Shares as determined by the Exchange Ratio upon substantially the same terms and conditions as are in effect
with respect to such option immediately prior to the Effective Time, with the exercise price thereof adjusted by the Exchange Ratio. For
purposes of the Merger Agreement, Semnur’s equity value is $2,500,000,000. 

On April 16, 2025, the Company entered into Amendment
No. 1 to the Merger Agreement with Semnur and Denali Merger Sub Inc. to update certain terms of their previously announced Business Combination.
Among other changes, the Amendment (i) addresses the delisting of the Company’s securities from Nasdaq and subsequent quotation
on the OTC Markets, (ii) requires an extension of Denali’s combination period through December 11, 2025 (or a date mutually agreed
by the parties), and (iii) extends the Outside Date for the Business Combination to September 30, 2025, subject to further extension if
an Extension Amendment is in effect.

On July 22, 2025, the Company entered into
Amendment No. 2 to the Merger Agreement with Semnur and Merger Sub (“Amendment No. 2”). Amendment No. 2 amends
the Merger Agreement to, among other things, modify the definitions