Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 5

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 5
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 this document, we use the term “New Semnur” to refer to Denali after completion of the transactions contemplated
by the Merger Agreement.

On November 6, 2024, we filed
a preliminary prospectus/proxy statement included in our registration statement on Form S-4 (File No. 333-283019) relating to our proposed
business combination with Semnur.

On March 27, 2025, we
filed a definitive proxy to hold an extraordinary general meeting of shareholders to consider and vote upon a proposal to amend, by
way of special resolution, the amended and restated memorandum and articles of association of the Company to extend the date by
which the Company must either (i) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination involving the Company and one or more businesses or entities or (ii) cease its operations, except for the
purpose of winding up, if it fails to complete such initial business combination and redeem 100% of the Company’s Class A
ordinary shares, included as part of the units sold in the Company’s IPO that was consummated on April 11, 2022, from April
11, 2025 to December 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis for
up to eight (8) times by an additional one month each time, unless the closing of the Company’s initial business combination
has occurred, without the need for any further approval of the Company’s shareholders, provided that the Sponsor (or its
affiliates or permitted designees or a third party) will deposit into the Trust Account for each such one-month extension an
extension fee, unless the closing of the Company’s initial business combination has occurred, in exchange for a non-interest
bearing promissory note payable upon consummation of an initial business combination.

2

Business
Strategy and Competitive Strengths

Our
business strategy is to identify and complete our initial business combination with a company within the technology, hospitality or consumer
services sector. Our selection process leveraged our team’s broad and deep relationship network, unique industry experiences and
strong deal sourcing capabilities to access a broad spectrum of differentiated opportunities. This network has been developed through
our team’s extensive experience and demonstrated success in both investing in and operating businesses in our target sectors and
across a variety of industries.

We
believe that our management team