Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 346

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 346
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 that requires Semnur to modify the design of its clinical trials) and changes in the pharmaceutical market generally. The Denali Board considered that the failure of any of these activities to be completed successfully may decrease the actual benefits of the Business Combination and that Denali shareholders may not fully realize these benefits to the extent that they expected following the completion of the Business Combination. For additional description of these risks, please see the section titled “Risk Factors.” |

| • |     | Macroeconomic Risks. Macroeconomic uncertainty and the effects it could have on the combined company’s financial condition and results of operation. |

| • |     | Closing Conditions. The fact that the completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within Denali’s control. |

| • |     | Shareholder Vote. The risk that holders of Denali Ordinary Shares may fail to approve the Condition Precedent Proposals. |

| • |     | Redemption Risk. The potential that a significant number of holders of Denali Class A Ordinary Shares elect to redeem their public shares prior to the consummation of the Business Combination pursuant to the Current Denali Charter, which would provide less capital to New Semnur after Closing. |

| • |     | Litigation. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination. |

| • |     | Listing Risks. The challenges associated with preparing New Semnur and its subsidiaries for the applicable disclosure and listing requirements to which New Semnur will be subject as a publicly traded company on Nasdaq. |

| • |     | Fees and Expenses. The fees and expenses associated with completing the Business Combination. |

**The Denali Board concluded that the potential benefits that it expected Denali and Denali’s shareholders to receive as a result of the Business Combination outweighed the potentially negative factors and other risks associated with the Business Combination. Accordingly, the Denali Board unanimously determined that the 196

Merger Agreement, the other ancillary agreements referenced therein, and the transactions contemplated thereby were advisable to and in the best interests of Denali and its shareholders.

The Business Combination Proposal requires the affirmative vote of the majority of the Denali Ordinary Shares present in person or represented by proxy and entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. The Business Combination