Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 271

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 271
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| • |     | registration as an investment company; |

| • |     | adoption of a specific form of corporate structure; and |

| • |     | reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations. |

**In order not to be regulated as an investment company under the Investment Company Act, unless it can qualify for an exclusion, a company must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of the company’s assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. The SEC recently provided guidance that the determination as to whether a special purpose acquisition company (“SPAC”), like Denali, is an “investment company” under the Investment Company Act is a “facts and 150

circumstances determination” requiring individualized analysis and depends on a variety of factors, including a SPAC’s duration, asset composition, business purpose and activities. When applying these factors to Denali, Denali does not believe that its principal activities will subject it to the Investment Company Act. To this end, Denali was formed for the purpose of completing an initial business combination with one or more businesses. Since its inception, Denali’s business has been and will continue to be focused on identifying and completing an initial business combination, and thereafter, operating the post-transaction business or assets for the long term. Further, Denali does not plan to buy businesses or assets with a view to resale or profit from their resale and Denali does not plan to buy unrelated businesses or assets or be a passive investor. In addition, to mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we have instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in cash until the earlier of the consummation of an initial business combination or our liquidation. As a result, following the liquidation of securities in the Trust Account, we have been receiving minimal interest on the funds held in the Trust Account, which would reduce the dollar amount the public shareholders would receive upon any redemption or liquidation of the Company. By restricting the investment of the proceeds in this manner, and by focusing Denali’s directors