Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 232

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 232
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 with Silicon Valley Bank or Signature Bank, Semnur regularly maintains and New Semnur will regularly maintain cash balances at third-party financial institutions in excess of the FDIC insurance limit. Any failure of a depository institution to return any of New Semnur’s deposits, or any other adverse conditions in the financial or credit markets affecting depository institutions, could impact access to New Semnur’s invested cash or cash equivalents and could adversely impact its operating liquidity and financial performance. If securities or industry analysts do not publish research or reports about New Semnur’s business, or if they issue an adverse opinion regarding its stock, its stock price and trading volume could decline. The trading market for New Semnur Common Stock will be influenced by the research and reports that industry or securities analysts publish about New Semnur or its business. New Semnur does not currently have and may never obtain research coverage by securities and industry analysts. Since New Semnur will become public through a merger, securities analysts of major brokerage firms may not provide coverage of New Semnur since there is no incentive to brokerage firms to recommend the purchase of its common stock. If no or few securities or industry analysts commence coverage of New Semnur, the trading price for its stock would be negatively impacted. In the event New Semnur obtains securities or industry analyst coverage, if any of the analysts who cover it issues an adverse opinion regarding New Semnur, its business model, its intellectual property or its stock performance, or if its clinical trials and operating results fail to meet the expectations of analysts, its stock price would likely decline. If one or more of these analysts cease coverage of New Semnur or fail to publish reports on it regularly, New Semnur could lose visibility in the financial markets, which in turn could cause its stock price or trading volume to decline. 130

Raising additional capital may cause dilution to New Semnur’s existing stockholders, restrict its operations or require it to relinquish rights to its product candidate.

New Semnur may issue additional equity securities to fund future expansion and pursuant to equity incentive or employee benefit plans. It may also issue additional equity for other purposes. These securities may have the same rights as New Semnur Common Stock or, alternatively, may have dividend, liquidation or other preferences to New Semnur Common Stock, including New Semnur Common Stock issued in connection with the Business Combination. The issuance of additional equity securities will dilute the holdings of existing stockholders and may reduce