Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 384

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 384
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 shall be taken into account:

| • |     | general economic or political conditions; |

| • |     | conditions generally affecting the industries in which Semnur or Denali (as the case may be) operate; |

| • |     | any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; |

| • |     | acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof; |

| • |     | any action required or permitted by the Merger Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of Semnur or Denali (as the case may be); |

| • |     | any matter of which Semnur or Denali (as the case may be) is aware on the date of the Merger Agreement; |

| • |     | any changes in applicable laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof; |

| • |     | the announcement, pendency or completion of the transactions contemplated by the Merger Agreement, including losses or threatened losses of employees, suppliers, distributors or others having relationships with the party; |

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| • |     | any natural or man-made disaster or acts of God, including any hurricane, tornado, flood, earthquake, tsunami, mudslides, wild fire, epidemic, or pandemic; or |

| • |     | any failure to meet any internal or published projections, forecasts or revenue or earnings predictions; |

provided that the underlying causes of such failures shall not be excluded, unless any such change, event, effect or occurrence (other than those described in the fifth, sixth, eighth and tenth bullet points above) shall have a disproportionate effect on Semnur or Denali (as the case may be) as compared to comparable companies in the same industry. Conduct of Business by Semnur Semnur has agreed that during the Interim Period, it will, except as otherwise explicitly contemplated by the Merger Agreement or the ancillary agreements, entered into connection with the Business Combination or required by law or as consented to by Denali in writing (which consent will not be unreasonably conditioned, withheld, delayed or denied) use commercially reasonable efforts (i) to conduct its business only in the ordinary course, consistent with past practices, and (ii) to preserve