Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 270

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 270
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 business combination. If Denali is deemed to be an investment company under the Investment Company Act, Denali’s activities may be restricted, including:

| • |     | restrictions on the nature of Denali’s investments; and |

| • |     | restrictions on the issuance of securities, each of which may make it difficult for Denali to complete the Business Combination. In addition, Denali may have imposed on it burdensome requirements, including: |

| • |     | registration as an investment company; |

| • |     | adoption of a specific form of corporate structure; and |

| • |     | reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations. |

**In order not to be regulated as an investment company under the Investment Company Act, unless it can qualify for an exclusion, a company must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of the company’s assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. The SEC recently provided guidance that the determination as to whether a special purpose acquisition company (“SPAC”), like Denali, is an “investment company” under the Investment Company Act is a “facts and circumstances determination” requiring individualized analysis and depends on a variety of factors, including a SPAC’s duration, asset composition, business purpose and activities. When applying these factors to Denali, Denali does not believe that its principal activities will subject it to the Investment Company Act. To this end, Denali was formed for the purpose of completing an initial business combination with one or more businesses. Since its inception, Denali’s business has been and will continue to be focused on identifying and completing an initial business combination, and thereafter, operating the post-transaction business or assets for the long term. Further, Denali does not plan to buy businesses or assets with a view to resale or profit from their resale and Denali does not plan to buy unrelated businesses or assets or be a passive investor. In addition, to mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, we have instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the securities held in the Trust Account and instead to hold the funds in the Trust Account in cash until the earlier