Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 250

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 250
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 interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. New Semnur intends to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of its management’s time and attention from revenue-generating activities to compliance activities. If New Semnur’s efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may initiate legal proceedings against New Semnur and there could be a material adverse effect on New Semnur’s business, financial condition and results of operations. If New Semnur cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of Nasdaq, New Semnur’s securities may not be listed or may be delisted, which could negatively impact the price of its securities and your ability to sell them. New Semnur intends to seek a listing of its securities on Nasdaq in connection with the Business Combination. New Semnur cannot assure you that it will be able to meet those initial listing requirements at that time. Denali’s securities are currently quoted on the OTC Markets. Even if New Semnur’s securities are listed on Nasdaq, it cannot assure you that its securities will continue to be listed on Nasdaq. If, after the completion of the Business Combination, New Semnur fails to satisfy Nasdaq’s continued listing requirements, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist New Semnur Common Stock. Such a delisting would likely have a negative effect on the price of New Semnur Common Stock and would impair a stockholder’s ability to sell or purchase New Semnur Common Stock when a stockholder wishes to do so. If Nasdaq does not list New Semnur’s securities, or subsequently delists its securities from trading, New Semnur could face significant consequences, including:

| • |     | a limited availability for market quotations for its securities; |

| • |     | reduced liquidity with respect to its securities; |

| • |     | a determination that its ordinary shares are a “penny stock,” which will require brokers trading in New Semn