Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 287

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 287
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 upon New Semnur obtaining a Nasdaq listing. If New Semnur is not able to list its securities on Nasdaq or another national securities exchange, New Semnur could face significant material adverse consequences. These consequences may include:

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

| • |     | reduced liquidity for its securities; |

| • |     | a determination that New Semnur Common Stock is 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 its securities; |

| • |     | a limited amount of news and analyst coverage for New Semnur; and |

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

**A shareholder-approved amendment to the Current Denali Charter removed the limitation that Denali may not redeem public shares in an amount that would cause Denali’s net tangible assets to be less than $5,000,001 contained therein, and the Merger Agreement does not include a closing condition that requires New Semnur to have at least $5,000,001 of net tangible assets upon the Closing or that New Semnur’s listing on Nasdaq or another national securities exchange has been approved. Accordingly, the Business Combination may be consummated even if the New Semnur Common Stock would be a “penny stock” upon the Closing. On October 11, 2023, Denali held the Extension Meeting. At the Extension Meeting, among other things, Denali’s shareholders approved an amendment to the Current Denali Charter to remove the limitation that Denali 159

may not redeem public shares in an amount that would cause Denali’s net tangible assets to be less than $5,000,001 (the “Redemption Limitation”). Additionally, the Merger Agreement does not include a closing condition that requires New Semnur to have at least $5,000,001 of net tangible assets upon the Closing. The purpose of the Redemption Limitation was to ensure that Denali would not be subject to the “penny stock” rules of the SEC as long as it adhered to the Redemption Limitation, and therefore not be deemed a “blank check company” as defined under Rule 419 of the Securities Act because it complied with Rule 3a51-1(g)(1) (the “NTA Rule”). However