Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 319

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 319
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On April 14 and 15, 2025, the parties conducted final reviews and obtained execution authority for the amendment.

On April 16, 2025, Amendment No. 1 to the Merger Agreement was executed by Denali, Merger Sub and Semnur. The amendment addressed updating the definition of “Stock Exchange” to reference OTC Markets; modifying closing conditions to permit OTC Markets listing rather than Nasdaq listing; extending the outside date for completion of the Business Combination; and updating various provisions to reflect the change in trading venue.

On April 25, 2025, at a special meeting of the stockholders of Semnur, the stockholders of Semnur unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Merger.

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Benefits and Detriments of the Business Combination

| Stakeholder                   |     | Benefits                                                                                                                                                                                                          |     | Detriments                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Denali                        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with Semnur.                                                                                                                                                                                                                          |
| Sponsor and Affiliates        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with Semnur.                                                                                                                                                                                                                          |
| Unaffiliated security holders |     | If the market was to recognize the valuation and potential of New Semnur, the stock price may be expected to increase from the trust level of approximately $12.18 per share which will benefit the shareholders. |     | For non-redeeming shareholders the risk is that the market will not support the valuation of New Semnur either as a result of the general market downturn or risks specific to New Semnur. In this case, the stock price may be reasonably expected to trade below the trust value of approximately $12