Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 253

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 253
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 Exchange Ratio upon substantially
the same terms and conditions as are in effect with respect to such option immediately prior to the Effective Time, with the exercise
price thereof adjusted by the Exchange Ratio. For purposes of the Merger Agreement, Semnur’s equity value is $2,500,000,000. 

The
Merger Agreement contemplates the execution of various additional agreements and instruments, on or before the closing of the Merger,
including, among others, the following: 

Concurrently
with the execution of the Merger Agreement, the sponsor and each of the Company’s directors and executive officers entered into
a sponsor support agreement with the Company and Semnur (the “Sponsor Support Agreement”), pursuant to which the sponsor
and each of Company’s directors and executive officers has agreed to, among other things: (i) vote in favor of the Parent Shareholder
Approval Matters (as defined in the Merger Agreement) and in favor of any proposal in respect of an Extension Amendment (as such terms
are defined in the Merger Agreement); (ii) vote against (or otherwise withhold written consent of, as applicable) any “Business
Combination” (as such term is defined in Denali’s organizational documents) or any proposal relating thereto (in each case,
other than as contemplated by the Merger Agreement); (iii) vote against (or otherwise withhold written consent of, as applicable) any
merger agreement or merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation
or winding up of or by the Company (other than the Merger Agreement and the transactions contemplated thereby); (iv) vote against (or
otherwise withhold written consent of, as applicable) any change in the business, management or board of directors of the Company (other
than in connection with the Merger Agreement and the transactions contemplated thereby); and (v) vote against (or otherwise withhold
written consent of, as applicable) any proposal, action or agreement that would (a) impede, frustrate, prevent or nullify any provision
of the Sponsor Support Agreement or the Merger Agreement or any of the transactions contemplated thereby, (b) result in a breach in any
respect of any covenant, representation, warranty or any other obligation or agreement of Denali or Merger Sub under the Merger Agreement,
(c) result in any of the conditions set forth in Article VIII of the Merger Agreement not being fulfilled or (d) change in