Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 257

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 257
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 Warrants (1) may be less than the value the holders would have received if they had exercised their Warrants at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Warrants.

Risks Related to Denali and the Business Combination

Unless the context otherwise requires, throughout this subsection, references to “we,” “us,” “our” and “the Company” refer to Denali.

Denali has no operating history and its results of operations and those of Semnur may differ significantly from the unaudited pro forma financial data included in this proxy statement/prospectus.

Denali is a blank check company incorporated on January 5, 2022 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities, and it has no operating history or results.

This proxy statement/prospectus includes unaudited pro forma combined financial statements for Denali and Semnur. The unaudited pro forma condensed combined balance sheet as of March 31, 2025 combines the historical unaudited consolidated balance sheet of Denali as of March 31, 2025 and the historical unaudited balance sheet of Semnur as of March 31, 2025 on a pro forma basis as if the Business Combination and Other Related Events (in each case, as described further in the section titled “Unaudited Pro Forma Condensed Combined Financial Information” included elsewhere in this proxy statement/prospectus), had been consummated on March 31, 2025. The unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2025 combines the historical statements of operations of Denali and the historical statements of operations of Semnur on a pro forma basis as if the Business Combination (in each case, as described further in the section titled “Unaudited Pro Forma Condensed Combined Financial Information” included elsewhere in this proxy statement/prospectus) had been consummated on January 1, 2024, the beginning of the earliest period presented.**

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**The unaudited pro forma combined financial information is based upon, and should be read together with the accompanying notes to the unaudited pro forma combined financial statements, the audited financial statements of Denali and related notes and the Semnur