Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 237

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 237
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 amendments to the New Semnur Certificate of Designations, increases or decreases in the size of the New Semnur Board, the incurrence of certain amounts of indebtedness and the payment of dividends on New Semnur Common Stock.

For more information on the terms of the New Semnur Series A Preferred Stock, see the section titled “Description of New Semnur Securities—New SemnurPreferred Stock Following the Business Combination” and the section titled “Certain Relationships and Related Party Transactions—Certain Transactions of Denali —Stockholder Agreement with Scilex.”**

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Risks Related to Ownership of New Semnur Common Stock If the perceived benefits of the Business Combination do not meet the expectations of investors or securities analysts, the market price of Denali’s securities or, following the Business Combination, New Semnur’s securities, may decline. If the perceived benefits of the Business Combination do not meet the expectations of investors or securities analysists, the market price of Denali’s securities prior to the Closing may decline. The market values of Denali’s securities at the time of the Business Combination may vary significantly from their prices on the date of the Merger Agreement was executed, the date of this proxy statement/prospectus, or the date on which Denali’s shareholders vote on the Business Combination. In addition, following the Business Combination, fluctuations in the price of New Semnur’s securities could contribute to the loss of all or part of a stockholder’s investment. Prior to the Business Combination, there has not been a public market for Semnur Common Stock. Accordingly, the valuation ascribed to New Semnur in the Business Combination may not be indicative of the price that will prevail in the trading market following the Business Combination. The market prices for securities of biotechnology and pharmaceutical companies have historically been highly volatile, and the market has from time to time experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies. If an active market for New Semnur’s securities develops and continues, the market price of its common stock may fluctuate significantly in response to numerous factors, some of which are beyond New Semnur’s control, such as:

| • |     | New Semnur’s ability to commercialize its product candidate, if approved; |

| • |     | the status and cost of New Semnur’s marketing commitments for its product candidate; |

| • |     | announcements regarding results of any clinical trials relating to New Sem