Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 287

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 287
---
 held in the Trust Account to pay any tax obligations
it may owe or for working capital purposes.

164

However, Denali may not properly assess all claims that may be potentially brought against it. As such,
Denali’s shareholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of its stockholders may extend well beyond the third anniversary of the date of distribution.
Accordingly, third parties may seek to recover from Denali’s shareholders amounts owed to them by Denali.

If, after Denali distributes the proceeds
in the Trust Account to its public shareholders, Denali is insolvent or a winding up petition or an involuntary bankruptcy petition is filed against Denali that is not dismissed, any distributions received by shareholders could be viewed under
applicable debtor/creditor and/or bankruptcy laws as either a “preferential or voidable transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover all amounts received by Denali’s
shareholders. Furthermore, because Denali intends to distribute the proceeds held in the Trust Account to its public shareholders promptly after expiration of the time Denali has to complete an initial business combination, this may be viewed or
interpreted as giving preferences to the public shareholders over any potential creditors with respect to access to or distributions from Denali’s assets. In addition, the Denali Board may be viewed as having breached its fiduciary duty by
failing to appropriately take into account the interests of Denali’s creditors and/or having acted in bad faith, thereby exposing itself and Denali to claims of punitive damages, by paying public shareholders from the Trust Account prior to
addressing the claims of creditors.

Denali or Semnur may waive one or more of the conditions to the Business Combination without resoliciting shareholder approval.

Denali or Semnur may agree to waive, in whole or in part, some of the conditions to its obligations to complete the Business
Combination, to the extent permitted by applicable laws. The Denali Board will evaluate the materiality of any waiver to determine whether amendment of this proxy statement/prospectus and resolicitation of proxies is warranted. In some instances, if
the Denali Board determines that a waiver is not sufficiently material to warrant resolicitation of shareholders, Denali has the discretion to complete the Business Combination without seeking further shareholder approval. For example, it is a
condition to Denali’s obligations to close the Business Combination that there be