Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 316

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 316
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 Merger Agreement (the “Other Potential Targets”) from consideration and for a variety of reasons, including a combination of the following: (a) misaligned expectations around potential valuations between each applicable target company management and Denali, (b) target companies being in an early development stage without a concrete plan to reach commercialization, (c) target companies requiring funding for operating capital that Denali did not believe achievable under existing market conditions (d) target companies operating in markets that Denali believed presented outsized regulatory risks, (e) target companies lacking sufficient scale and growth prospects and (f) target companies not being positioned to become a public company. The Other Potential Targets (other than Semnur) were as follows:

| • |     | Company B (Data Analytics): Denali reviewed the business model provided by Company B in detail and determined that there was significant execution risk in the ability to achieve the projected growth as outlined in the business model and elected to terminate discussions with Company B in May 2022. |

| • |     | Company C (Biotechnology): As a result of the initial due diligence process, Denali determined that there were significant regulatory risks that could challenge the viability of a potential business combination and therefore elected to terminate discussions with Company C in May 2022. |

| • |     | Company D (AR/VR Technology): Denali reviewed demonstrations of Company D’s core product and determined there would be significant challenges with competitively positioning the product in the marketplace without significant improvements in the product’s function and design. In addition, Company D’s core product was still in the early development stage and Denali did not find Company D’s business plan for progressing the product to the manufacturing and delivery stage compelling. For these reasons, Denali elected to terminate discussions with Company D in July 2022. |

| • |     | Company E (Biotechnology): Following initial discussions between Denali and Company E, Denali was informed by Company E that it had decided to pursue alternative private financing arrangements to support its ongoing clinical trial developments at this time and discussions between the parties were terminated in September 2022. |

As a result, on June 30, 2024, Denali decided to enter into a non-disclosure agreement with Semnur, the terms of which were customary and did not contain standstill obligations. Semnur granted Denali access to its data room and Denali commenced due diligence on Semnur. Between June 23, 2024 and July 2, 202