Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 253

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 253
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, financial condition and results of operations. If New Semnur cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of Nasdaq, New Semnur’s securities may not be listed or may be delisted, which could negatively impact the price of its securities and your ability to sell them. New Semnur intends to seek a listing of its securities on Nasdaq in connection with the Business Combination. New Semnur cannot assure you that it will be able to meet those initial listing requirements at that time. Denali’s securities are currently quoted on the OTC Markets. Even if New Semnur’s securities are listed on Nasdaq, it cannot assure you that its securities will continue to be listed on Nasdaq. If, after the completion of the Business Combination, New Semnur fails to satisfy Nasdaq’s continued listing requirements, such as the corporate governance requirements or the minimum closing bid price requirement, Nasdaq may take steps to delist New Semnur Common Stock. Such a delisting would likely have a negative effect on the price of New Semnur Common Stock and would impair a stockholder’s ability to sell or purchase New Semnur Common Stock when a stockholder wishes to do so. If Nasdaq does not list New Semnur’s securities, or subsequently delists its securities from trading, New Semnur could face significant consequences, including:

| • |     | a limited availability for market quotations for its securities; |

| • |     | reduced liquidity with respect to its securities; |

| • |     | a determination that its ordinary shares are a “penny stock,” which will require brokers trading in New Semnur Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for New Semnur Common Stock; |

| • |     | limited amount of news and analyst coverage; and |

| • |     | a decreased ability to issue additional securities or obtain additional financing in the future. |

**Even if Nasdaq approves New Semnur’s listing application, in the event of a subsequent delisting, New Semnur can provide no assurance that any action taken by it to restore compliance with listing requirements would allow its common stock to become listed again, stabilize the market price or improve the liquidity of its common stock, prevent its common stock from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliancewith Nasdaq Listing Rules. See “ Risk Factors — Denali’s securities were