Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 259

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 259
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 a “comfort” letter with respect to the financial information contained in the registration statement. In making their investment decision, investors have the benefit of such diligence in
underwritten public offerings. Denali’s investors must rely on the information in this proxy statement/prospectus and will not have the benefit of an independent review and investigation of the type normally performed by an independent
underwriter in a public securities offering. While sponsors, private investors and management in a business combination undertake a certain level of due diligence, it is not necessarily the same level of due diligence undertaken by an underwriter in
a public securities offering and, therefore, there could be a heightened risk of an incorrect valuation of Denali’s business or material misstatements or omissions in this proxy statement/prospectus.

In addition, because there are no underwriters engaged in connection with the Business Combination, prior to the commencement of trading of New Semnur’s
securities following the Closing — which may occur on Nasdaq if New Semnur’s listing application is approved, or on an alternative trading market such as the OTC Markets if Nasdaq listing is not obtained, or potentially not on any
established market if a quotation is not secured — there will be no traditional “roadshow” or book-building process. Consequently, there will be no price at which underwriters initially sold shares to the public to help inform
efficient and sufficient price discovery with respect to the initial post-closing trades of New Semnur’s securities. Price discovery may be particularly limited, and liquidity potentially lower, if New Semnur’s securities trade on the
OTC Markets or a similar less liquid market instead of Nasdaq.

Therefore, buy and sell orders submitted prior to and at the opening of initial
post-closing trading of our securities will not have the benefit of being informed by a published price range or a price at which the underwriters initially sold shares to the public, as would be the case in an underwritten initial public offering.
There will be no underwriters assuming risk in connection with an initial resale of our securities or helping to stabilize, maintain or affect the public price of our securities following the Closing. Moreover, we will not engage in, and have not
and will not, directly or indirectly, request financial advisors to engage in, any special selling efforts or stabilization or price support activities in connection with our securities that will be outstanding immediately following the Closing. In
addition, since we will become public through a merger, securities analysts of major brokerage firms may not provide