Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 9

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 9
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 117,604,155 |     |   | 100.0 | % |     |                | 217,593,220 |     |   | 100.0 | % |     |                 | 217,582,286 |     |   | 100.0 | % |

**Stockholders will experience additional dilution to the extent New Semnur issues additional shares of New Semnur Common Stock after the closing of the Business Combination. With respect to the Public Warrants, such warrants are not redeemable when Denali public shareholders exercise their redemption rights with respect to the Denali Class A Ordinary Shares. Each redemption scenario assumes there will be (a) 8,235,378 Public Warrants outstanding, (b) 14,622 warrants to purchase New Semnur Common Stock underlying a corresponding number of Public Units outstanding, (c) 510,000 warrants to purchase New Semnur Common Stock underlying a corresponding number of Denali Private Placement Units outstanding, and (d) 50,000,000 options to acquire shares of New Semnur Common Stock that may be issued to Semnur option holders in connection with the Business Combination (assuming approval of the Option Exchange Proposal). For additional information regarding the dilutive effect of the foregoing securities referenced in this footnote, see the section titled “ Questions and Answers About the Business Combination and the Meeting — Questions and Answers About the Business Combination — What are the possible sources and the extent of dilution that public shareholders who elect not to redeem their shares will experience in connection with the Business Combination?” As of the date of this proxy statement/prospectus, while an application has been submitted to list New Semnur Common Stock and New Semnur Warrants on The Nasdaq Stock Market LLC (“Nasdaq”), approval has not been obtained and there can be no assurance that such listing application will be approved or that New Semnur will meet the applicable listing standards. If New Semnur is unable to obtain listing on a national securities exchange, New Semnur’s securities will continue to trade on the OTC Markets following the Business Combination. Denali shareholders will be provided with information regarding the status of any listing application prior to the date on which Denali shareholders are required to vote on the proposals contained in this proxy statement/prospectus. Such information will be provided through an appropriate filing with the Securities and Exchange Commission and other customary methods for shareholder communications and made available to shareholders in advance of the shareholder vote. After the completion of the Business