Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 378

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 378
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| (10) | The total number of shares at the Closing under each redemption scenario excludes the potential dilutive effect of the following securities because it is unknown whether such securities will ever be exercised for shares of New Semnur Common Stock: (a) 8,235,378 Public Warrants outstanding, (b) 14,622 Public Warrants underlying the Public Units, (c) 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units, 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.” |

Stock Exchange Listing The Public Units, Denali Class A Ordinary Shares and Public Warrants are currently listed on the OTC Markets, under the symbols “DNQUF,” “DNQAF,” and “DNQWF,” respectively. The Public Units commenced trading on Nasdaq on April 11, 2022 and the Denali Class A Ordinary Shares and Public Warrants commenced separate public trading on Nasdaq on May 26, 2022. Application has been made for the shares of New Semnur Common Stock and New Semnur Warrants to be approved for listing on the Nasdaq Global Market under the symbols “SMNR” and “SMNRW” respectively. Anticipated Accounting Treatment The Business Combination is expected to be accounted for as a reverse recapitalization in accordance with GAAP, whereby Denali is treated as the acquired company and Semnur is treated as the acquirer. Accordingly, for accounting purposes, the Business Combination will be treated as the equivalent of Semnur issuing stock for the net assets of Denali, accompanied by a recapitalization. The net assets of Denali will be stated at fair value, which approximates their historical cost, with no goodwill or other intangible assets recorded. Subsequently, results of operations presented for the periods prior to the Business Combination will be those of Semnur. Redemption Rights Pursuant to the Current Denali Charter, a public shareholder may elect to have their Denali