Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 690

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 690
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 to this prohibition if the following conditions are met:

| • |     | the issuer of the securities that was formerly a shell company has ceased to be a shell company; |

| • |     | the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |

| • |     | the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and |

| • |     | at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |

As a result, our pre–closing shareholders will be able to sell their common stock and warrants, as applicable, pursuant to Rule 144 without registration one year after we have completed our initial business combination. We anticipate that following the consummation of the Business Combination, New Semnur will no longer be a shell company, and so, once the conditions set forth in the exceptions listed above are satisfied, Rule 144 will become available for the resale of the above noted restricted securities. As of the date of this proxy statement/prospectus, there are 2,616,239 Denali Ordinary Shares outstanding (each of which will be converted into shares of New Semnur Common Stock in connection with the closing of the Business Combination, as described elsewhere in this proxy statement/prospectus). The 43,739 public shares sold in the IPO are freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. The 2,062,500 Denali Class B Ordinary Shares owned collectively by the Initial Shareholders and Scilex are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering. 422

As of the date of this proxy statement/prospectus, there are a total of 8,235,378 Public Warrants outstanding, 14,622 Public Warrants underlying the Private Units, and 510,000 Denali Private Placement Warrants underlying the Denali Private Placement Units (each of which will be converted into New Semnur Warrants in connection with the closing of the Business Combination). Each warrant is exercisable for one Denali