Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 129

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 129
---
 adoption of new guidance or the application of existing guidance to changes in New Semnur’s business could significantly affect New Semnur’s business, financial condition and results of operations. In addition, New Semnur is in the process of evaluating the benefits of relying on the other exemptions and reduced reporting requirements provided by the JOBS Act, as more fully described in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Semnur—Emerging Growth Company.”

New Semnur will qualify and will remain as an emerging growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the IPO, (b) in which New Semnur has total annual gross revenue of at least $1.235 billion, or (c) in which New Semnur is deemed to be a large accelerated filer, which means the market value of the common equity of New Semnur that is held by non-affiliates equals or exceeds $700 million as of the last business day of its most recently completed second fiscal quarter; and (ii) the date on which New Semnur has issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to “emerging growth company” have the meaning associated with it in the JOBS Act.

Smaller Reporting Company

Additionally, Denali is currently a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Following the Business Combination, Denali expects that New Semnur will remain a smaller reporting company as defined in Item 10(f)(1) of Regulation S -K because New Semnur will have annual revenues of less than $100 million and is expected to have a public float of less than $700 million.

Comparison of Shareholders’ Rights

Following the consummation of the Business Combination, the rights of Denali’s shareholders who become New Semnur stockholders in the Business Combination will no longer be governed by the Current Denali Charter and instead will be governed by the Proposed Charter and the Proposed Bylaws. See “Comparison of Shareholders’ Rights.”**

<div align='center'>65</div>

Recent Developments As previously disclosed, on October 2, 2024, Denali received a written