Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 322

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 322
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 Merger Agreement and the transactions contemplated thereby, including the Business Combination.

On August 30, 2024, the definitive agreements were signed, and on September 3, 2024, the parties issued a press release to announce the entry into the definitive agreements, which Denali filed concurrently in a Current Report on Form 8-K with the SEC.

In early January 2025, the parties began discussions regarding the need to amend the Merger Agreement to extend the outside date for completion of the Business Combination. On January 9, 2025, Paul Hastings circulated an initial draft of Amendment No. 1 to Merger Agreement proposing to extend the outside date to June 30, 2025.

As the parties discussed extending the timeline for completion of the Business Combination, they addressed the implications of applicable Nasdaq Listing Rules. Under Nasdaq Listing Rules, Denali’s securities would be delisted if Denali did not complete a business combination by April 6, 2025, which was 36 months after the effective date of Denali’s IPO registration statement.

On February 14, 2025, Winston & Strawn circulated a revised draft of Amendment No. 1 to Merger Agreement that incorporated changes to address the Nasdaq listing timeline and reflect a transition to OTC Markets trading.

Throughout February and March 2025, the parties continued to negotiate the terms of the amendment, including updating the outside date for completion of the Business Combination; modifying definitions and closing conditions to reflect OTC Markets trading; and coordinating the amendment with Denali’s extension of its business combination deadline.

In March 2025, Denali planned for a shareholder meeting to extend its deadline to complete a business combination beyond April 11, 2025. The parties coordinated the timing of Amendment No. 1 to Merger Agreement with this extension process, with the shareholder meeting held on April 11, 2025.

Following Denali’s shareholder meeting and extension approval on April 11, 2025, the parties finalized the terms of Amendment No. 1 to Merger Agreement, which incorporated an extension deadline of December 11, 2025.

On April 14 and 15, 2025, the parties conducted final reviews and obtained execution authority for the amendment.

On April 16, 2025, Amendment No. 1 to Merger Agreement was executed by Denali, Merger Sub and Semnur. The amendment addressed updating the definition of “Stock Exchange” to reference OTC Markets; modifying closing