Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 282

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 282
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 a timely manner. However, Denali and Semnur cannot be certain when or if regulatory approvals will be obtained or, if obtained, the conditions that may be imposed. In addition, neither Denali nor Semnur can provide assurance that any such conditions, terms, obligations or restrictions will not result in delay. See the section titled “ The Merger Agreement — Closing Conditions.” Termination of the Merger Agreement could negatively impact Denali. If the Business Combination is not completed for any reason, including as a result of Denali shareholders declining to approve the proposals required to effect the Business Combination, the ongoing businesses of Denali may be adversely impacted and, without realizing any of the anticipated benefits of completing the Business Combination, Denali would be subject to a number of risks, including the following:

| • |     | Denali may experience negative reactions from the financial markets, including negative impacts on its share                                
 price (including to the extent that the current market price reflects a market assumption that the Business Combination will be completed); |

| • |     | Denali will have incurred substantial expenses and will be required to pay certain costs relating to the Business 
 Combination, whether or not the Business Combination is completed; and                                            |

| • |     | since the Merger Agreement restricts the conduct of Denali’s businesses prior to completion of the Business                                                                                                                                              
 Combination, Denali may not have been able to take certain actions during the pendency of the Business Combination that would have benefitted it as an independent company, and the opportunity to take such actions may no longer be available (see the 
 section titled “The Merger Agreement — Conduct of Business by Denali” of this proxy statement/prospectus for a description of the restrictive covenants applicable to Denali).                                                                           |

If the Merger Agreement is terminated and the Denali Board seeks another business combination target, Denali shareholders cannot be certain that Denali will be able to find another acquisition target that would constitute a business combination or that such other business combination will be completed. See the section titled “ The Merger Agreement — Termination; Effectiveness.” Denali’s independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about Denali’s ability to continue as a “going concern.” As of March 31, 2025, Denali had cash and marketable securities held in the Trust Account of $9,147,903 and cash of $2,736 held outside of the Trust Account. In connection with the July