Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 285

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 285
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 not be able to resell their shares at or above the purchase price paid by them.

The Denali Class A Ordinary Shares are quoted on the OTCQB tier of the OTC Markets. Trading in stock quoted on the OTC Markets is often thin and characterized by wide fluctuations in trading prices, due to many factors, some of which may have little to do with Denali’s operations or business prospects. This volatility could depress the market price of the Denali Class A Ordinary Shares for reasons unrelated to operating performance. Moreover, the OTC Markets are not a stock exchange, and trading of securities on the OTC Markets is often more sporadic than the trading of securities listed on a quotation system like the Nasdaq or a stock exchange like the New York Stock Exchange. The OTC Markets are not liquid markets. There is currently only a limited public market for Denali Class A Ordinary Shares. Denali cannot assure you that an active public market for Denali Class A Ordinary Shares will develop or be sustained in the future. If an active market for Denali Class A Ordinary Shares does not develop or is not sustained, the price may decline. These factors may result in investors having difficulty reselling any Denali Class A Ordinary Shares. These same risks of illiquidity, volatility, and difficulty in reselling shares could apply to the New Semnur Common Stock if, following the Business Combination, its securities are not listed on Nasdaq and instead trade on the OTC Markets or a similar quotation system.

New Semnur plans to seek the listing of its common stock and warrants on Nasdaq in connection with the Business Combination; an initial application was filed and is currently pending. To be listed on Nasdaq, New Semnur will be required to demonstrate compliance with Nasdaq’s initial listing requirements, which are more**

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rigorous than Nasdaq’s continued listing requirements. Neither Denali nor Semnur can provide any assurance that New Semnur will be able to meet these initial listing requirements at the time of the Business Combination, or that Nasdaq will approve the application. New Semnur will be required to meet the initial listing requirements to be listed on Nasdaq upon closing of the Business Combination. However, New Semnur may be unable to meet initial listing requirements to be listed on Nasdaq or maintain the listing of its securities in the future. Denali’s securities are currently quoted on the OTC Markets. While Denali and Semnur submitted an initial application to list the