Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 49

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 49
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ated? |

| A: | If Denali does not consummate a business combination by December 11, 2025, it will trigger its automatic winding up, dissolution and liquidation pursuant to the terms of the Current Denali Charter. As a result, this has the same effect as if Denali had formally gone through a voluntary liquidation procedure under the laws of the Cayman Islands. Accordingly, no vote would be required from Denali’s shareholders to commence such a voluntary winding up, dissolution and liquidation. If Denali is unable to consummate its initial business combination by December 11, 2025, it will (a) cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of issued and outstanding Denali Class A Ordinary Shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to Denali (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Denali Class A Ordinary Shares in issue, which redemption will completely extinguish public shareholders’ rights as a shareholder of Denali (including the right to receive further liquidation distribution, if any); and (c) as promptly as reasonably possible following such redemption, subject to the approval of Denali’s remaining shareholder and the directors of Denali, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of other applicable law. Public shareholders will also forfeit any Public Warrants owned (including any Public Warrants included in any Public Unit that has not previously been separated). The estimated consideration that each Denali Class A Ordinary Share would be paid at liquidation would be approximately $12.13 per share for the public shareholders based on amounts on deposit in the Trust Account as of March 31, 2025. The closing price of the Denali Class A |

11

| Ordinary Shares on Nasdaq as of March 31, 2025 was $12.18. The Initial Shareholders waived the right to any liquidation distribution with respect to any founder shares held by them. Denali has the option to extend the deadline to complete the Business Combination beyond December 11, 2025. This extension would require approval by Denali’s stockholders through a proxy vote.