Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 273

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 273
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 results of Semnur included in this proxy statement/prospectus do not reflect the financial condition, results of operations or cash flows they would have achieved as a standalone company during the periods presented or those the combined company will achieve in the future. This is primarily the result of the following factors: (i) the combined company will incur additional ongoing costs as a result of the Business Combination, including costs related to public company reporting, investor relations and compliance with the Sarbanes-Oxley Act; and (ii) the combined company’s capital structure will be different from that reflected in such historical financial statements. The combined company’s financial condition and future results of operations**

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will be materially different from amounts reflected in Semnur’s historical financial statements included elsewhere in this proxy statement/prospectus, so it may be difficult for investors to compare the combined company’s future results to historical results or to evaluate its relative performance or trends in its business. Similarly, the unaudited pro forma financial information in this proxy statement/prospectus is presented for illustrative purposes only and has been prepared based on a number of assumptions including, but not limited to, Denali being treated as the “acquired” company for financial reporting purposes in the Business Combination and the number of Denali Class A Ordinary Shares that are redeemed in connection with the Business Combination. Accordingly, such pro forma financial information may not be indicative of the combined company’s future operating or financial performance and New Semnur’s actual financial condition and results of operations may vary materially from New Semnur’s pro forma results of operations and balance sheet contained elsewhere in this proxy statement/prospectus, including as a result of such assumptions not being accurate. See the section titled “ Unaudited Pro Forma Condensed Combined Financial Information.” The calculation of the number of shares of New Semnur to be issued to Semnur stockholders in the transactions will not be adjusted if there is a change in the value of Semnur before the Business Combination is completed. The number of shares of New Semnur Common Stock to be issued to Semnur stockholders in the transactions will not be adjusted if there is a change in the value of Semnur before the closing of the transactions. As a result, the actual value of the New Semnur Common Stock to be received by Semnur’s stockholders in the transactions will depend on the value of such shares at and after the closing of the Business Combination. Neither Semnur stockholders