Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 312

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 312
---
ger Agreement and the transactions contemplated thereby, including the Merger.

On July 19, 2025, Paul
Hastings circulated an initial draft of Amendment No. 2 to Merger Agreement proposing to modify the definitions of Exchange Ratio and Merger Consideration to facilitate the issuance of additional shares of Semnur Common Stock prior to the closing of
the Business Combination in connection with any potential private placement financing and to advisors and other service providers for services rendered.

On July 22, 2025, the parties conducted final reviews and obtained execution authority for Amendment No. 2 to Merger Agreement. Semnur expects to hold a
special meeting of its stockholders to approve the Merger Agreement, as modified by Amendment No. 2 to Merger Agreement, and the transactions contemplated thereby, including the Merger, as soon as reasonably practicable.

179

Benefits and Detriments of the Business Combination

| Stakeholder                   |     | Benefits                                                                                                                                                                                                          |     | Detriments                                                                                                                                                                                                                                          |
| Denali                        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with              
 Semnur.                                                                                                                                                                                                                                             |
| Sponsor and Affiliates        |     | Failure to complete a business combination would result in Denali being delisted and trust liquidated. The Business Combination may create value for Denali and its shareholders.                                 |     | Denali could potentially have found a target that may have a more optimal risk/return profile than Semnur. In this case, the Denali, its shareholders and affiliates would stand to benefit more than in the business combination with              
 Semnur.                                                                                                                                                                                                                                             |
| Unaffiliated security holders |     | If the market was to recognize the valuation and potential of New Semnur, the stock price may be expected to increase from the trust level of approximately $12.18 per share which will benefit the shareholders. |     | For non-redeeming shareholders the risk is that the market will not support the valuation of New Semnur either as a result of the general market downturn or risks specific to New Semnur. In                                                       
 this case, the stock price may be