Company: SMNR
Filing Date: 2025-07-28
Form Type: 425
Source: 0001213900-25-068268
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-28
Form: 425
Chunk 2
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 to the closing of the Business Combination in connection
with any potential private placement financing or for issuance to advisors and other service providers for services rendered and maintain
the 1.25-to-1 exchange ratio.

The foregoing description of Amendment
No. 2 does not purport to be complete and is qualified in its entirety by reference to Amendment No. 2, a copy of which is filed
with this Current Report on Form 8-K as Exhibit 2.1 hereto and is incorporated herein by reference.

Additional Information

In connection with the Business
Combination, Denali filed with the SEC a Registration Statement on Form S-4 (the “Denali Registration Statement”),
which includes a preliminary prospectus and preliminary proxy statement. Denali will mail a definitive proxy statement/final prospectus
and other relevant documents to its shareholders. This communication is not a substitute for the Denali Registration Statement, the definitive
proxy statement/final prospectus or any other document that Denali will send to its shareholders in connection with the Business Combination. Investors and security holders of Denali are advised to read the proxy statement/prospectus in connection with Denali’s solicitation of proxies for its extraordinary general meeting of shareholders to be held to approve the Business Combination (and related matters) because the proxy statement/prospectus contains important information about the Business Combination and the parties to the Business Combination. The
definitive proxy statement/final prospectus will be mailed to shareholders of Denali as of a record date to be established for voting
on the Business Combination. Shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available,
at the SEC’s website www.sec.gov or by directing a request to: 437 Madison Avenue, 27 Floor, New York, New York
10022.

Participants in the Solicitation

Denali, Semnur and their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Denali’s shareholders in connection with the Business Combination. Investors and security
holders may obtain more detailed information regarding the names and interests in the Business Combination of Denali’s directors
and officers in Denali’s filings with the SEC, including the Denali Registration Statement, which includes the proxy statement of
Denali for the Business Combination, and such information and names of Semnur’s directors and executive officers are also included
in the Denali Registration Statement, which includes