Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 274

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 274
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 nor Denali’s shareholders will be entitled to appraisal rights in connection with the transactions. Appraisal rights are statutory rights that, if applicable under law, enable shareholders to dissent from an extraordinary transaction, such as a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders in connection with the extraordinary transaction. Semnur stockholders are not entitled to appraisal rights in connection with the Business Combination. The Business Combination is subject to the satisfaction or waiver of certain conditions, which may not be satisfied or waived on a timely basis, if at all. The completion of the Business Combination is subject to a number of conditions. The completion of the Business Combination is not assured and is subject to risks, including, among others, the risk that approval of the Business Combination by Denali’s shareholders is not obtained or that other closing conditions are not satisfied. If Denali does not complete the Business Combination, it could be subject to several risks, including:

| • |     | the parties may be liable for damages to one another under the terms and conditions of the Merger Agreement; |

| • |     | negative reactions from the financial markets, including declines in the price of the Denali Ordinary Shares due to the fact that current prices may reflect a market assumption that the Business Combination will be completed; and the attention of Denali’s management will have been diverted to the Business Combination rather than the pursuit of other opportunities in respect of an initial business combination. |

| • |     | the attention of Denali’s management will have been diverted to the Business Combination rather than the pursuit of other opportunities in respect of an initial business combination. |

**For more information about the closing conditions to the Business Combination, see the section titled “ The Merger Agreement – Closing Conditions.” 152

Denali has no specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for Denali to complete a business combination with which a substantial majority of Denali’s shareholders do not agree.

Denali may be able to complete the Business Combination even though a substantial majority of Denali’s public shareholders do not agree with the transaction and have redeemed their shares. However, each redemption of Denali’s public shares by Denali’s public shareholders will reduce the amount in the Trust Account.

The Sponsor, directors, executive officers, advisors and their affiliates may elect to purchase shares or warrants from public shareholders prior to the consummation of the Business Combination, which may influence the