Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 135

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 135
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Anticipated Accounting Treatment The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with GAAP, whereby Denali is treated as the acquired company and Semnur is treated as the acquirer. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization. The net assets of Denali will be stated at carrying value, with no goodwill or other intangible assets recorded. Subsequently, results of operations presented for the periods prior to the Business Combination will be those of Semnur. Redemption Rights Pursuant to the Current Denali Charter, a public shareholder may elect to have their Denali Class A Ordinary Shares redeemed for cash at the applicable redemption price per share equal to the quotient obtained by dividing (i) the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the Business Combination, including interest (net of taxes payable) and not previously released to Denali to pay its taxes, by (ii) the total number of then-outstandingpublic shares. As of March 31, 2025, this would have amounted to approximately $12.13 per public share. You will be entitled to receive cash for any public shares to be redeemed only if you:

| (i) | (a) hold public shares, or |

| (b) | hold public shares through Public Units and you elect to separate your Public Units into the underlying public shares and Public Warrants prior to exercising your redemption rights with respect to the public shares; and |

**Holders of outstanding Public Units must separate the underlying public shares and Public Warrants prior to exercising redemption rights with respect to the public shares. If the Public Units are registered in a holder’s own name, the holder must deliver the certificate for its Public Units to VStock, with written instructions to separate the Units into their individual component parts. This must be completed far enough in advance to permit the mailing of the certificates back to the holder so that the holder may then exercise his, her or its redemption rights

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upon the separation of the public shares and Public Warrants from the Public Units. Each Public Unit contains one Public Warrant and no fractional Public Warrants may be issued. If a holder owns an odd number of Public Warrants, the fractional Public Warrant will expire worthless.

If a holder exercises its redemption rights, then such holder will be exchanging its redeemed public shares for cash and