Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 17

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 No. 2 to the Merger Agreement with Semnur and Merger Sub (“Amendment No. 2”). Amendment No. 2 amends
the Merger Agreement to, among other things, modify the definitions of the “Exchange Ratio” and “Merger Consideration”
to facilitate the issuance of additional shares of common stock of Semnur prior to the closing of the Business Combination in connection
with any potential private placement financing or for issuance to advisors and other service providers for services rendered and maintain
the 1.25-to-1 exchange ratio.

9

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

Other Agreements

The Merger Agreement contemplates the execution
of various additional agreements and instruments, on or before the closing of the Merger, including, among others, the following:

Sponsor Support Agreement

Concurrently with the execution of the Merger
Agreement, the Sponsor and each of the Company’s directors and executive officers entered into a sponsor support agreement with
the Company and Semnur (the “Sponsor Support Agreement”), pursuant to which the Sponsor and each of Company’s directors
and executive officers has agreed to, among other things: (i) vote in favor of the Parent Shareholder Approval Matters (as defined in
the Merger Agreement) and in favor of any proposal in respect of an Extension Amendment (as such terms are defined in the Merger Agreement);
(ii) vote against (or otherwise withhold written consent of, as applicable) any “Business Combination” (as such term is defined
in Denali’s organizational documents) or any proposal relating thereto (in each case, other than as contemplated by the Merger Agreement);
(iii) vote against (or otherwise withhold written consent of, as applicable) any merger agreement or merger, consolidation, combination,
sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company (other than
the Merger Agreement and the transactions contemplated thereby); (iv) vote against (or otherwise withhold written consent of, as applicable)
any change in the business, management or board of directors of the Company (other than in connection with the Merger Agreement and the
transactions contemplated thereby); and (v) vote against (or otherwise withhold written consent of, as applicable) any proposal, action
or agreement that would (a) impede, frustrate, prevent or nullify any provision of the Sponsor Support Agreement or the Merger Agreement