Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 244

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 244
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 have a negative effect on the price of New Semnur Common Stock and would impair a stockholder’s ability to sell or purchase New Semnur Common Stock when a stockholder wishes to do so. If Nasdaq does not list New Semnur’s securities, or subsequently delists its securities from trading, New Semnur could face significant consequences, including:

| • |     | a limited availability for market quotations for its securities; |

| • |     | reduced liquidity with respect to its securities; |

| • |     | a determination that its ordinary shares are a “penny stock,” which will require brokers trading in New Semnur Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for New Semnur Common Stock; |

| • |     | limited amount of news and analyst coverage; and |

| • |     | a decreased ability to issue additional securities or obtain additional financing in the future. |

**In the event of a delisting, New Semnur can provide no assurance that any action taken by it to restore compliance with listing requirements would allow its common stock to become listed again, stabilize the market price or improve the liquidity of its common stock, prevent its common stock from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliancewith Nasdaq Listing Rules. See “ Risk Factors — Denali received a written notice from Nasdaq that it is not in compliance with the MVLS Rule, requiring Denali to maintain a minimum MVLS of $50.0 million, and the Total Assets Rule, requiring Denali to maintain total assets and total revenue of at least $50.0 million each for the most recently completed fiscal year or two of the three most recently completed fiscal years, for continued listing on the Nasdaq Global Market. As such, there can be no assurance that New Semnur’s securities will be approved for listing on Nasdaq, or if approved, will continue to be so listed following the closing of the Business Combination, or that New Semnur will be able to comply with the continued listing standards of Nasdaq. Denali’s securities may not continue to be listed on Nasdaq in the future, which could limit investors’ ability to make transactions in Denali’s securities and subject Denali to additional trading restrictions .”

Comprehensive U.S. federal income tax reform could adversely affect New Semnur. Changes to tax laws, which changes may have retroactive application, could adversely affect New Semn