Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 322

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 322
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, 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 conditions to permit OTC Markets listing rather than Nasdaq listing; extending the outside date for completion of the Business Combination; and updating various provisions to reflect the change in trading venue.

On April 25, 2025, at a special meeting of the stockholders of Semnur, the stockholders of Semnur unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Merger.

On July 19, 2025, Paul Hastings circulated an initial draft of Amendment No. 2 to Merger Agreement proposing to modify the definitions of Exchange Ratio and Merger Consideration to facilitate the issuance of additional shares of Semnur Common Stock prior to the closing of the Business Combination in connection with any potential private placement financing and to advisors and other service providers for services rendered.

On July 22, 2025, the parties conducted final reviews and obtained execution authority for Amendment No. 2 to Merger Agreement. Semnur expects to hold a special meeting of its stockholders to approve the Merger Agreement, as modified by Amendment No. 2 to Merger Agreement, and the transactions contemplated thereby, including the Merger, as soon as reasonably practicable.

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Benefits and Detriments of the Business Combination

| Stakeholder                   |     | Benefits                                                                                                                                                                                                          |     | Detriments                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Denali                        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with Semnur.