Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1165

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1165
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ur (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.

Other
Agreements

The
Merger Agreement contemplates the execution of various additional agreements and instruments, on or before the closing of the Merger,
including, among others, the following:

F-12

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

Sponsor
Support Agreement

Concurrently
with the execution of the Merger Agreement, the Sponsor and each of the Company’s directors and executive officers entered into
a sponsor support agreement with the Company and Semnur (the “Sponsor Support Agreement”), pursuant to which the Sponsor
and each of Company’s directors and executive officers has agreed to, among other things: (i) vote in favor of the Parent Shareholder
Approval Matters (as defined in the Merger Agreement) and in favor of any proposal in respect of an Extension Amendment (as such terms
are defined in the Merger Agreement); (ii) vote against (or otherwise withhold written consent of, as applicable) any “Business
Combination” (as such term is defined in Denali’s organizational documents) or any proposal relating thereto (in each case,
other than as contemplated by the Merger Agreement); (iii) vote against (or otherwise withhold written consent of, as applicable) any
merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation
or winding up of or by the Company (other than the Merger Agreement and the transactions contemplated thereby); (iv) vote against (or
otherwise withhold written consent of, as applicable) any change in the business, management or board of directors of the Company (other
than in connection with the Merger Agreement and the transactions contemplated thereby); and (