Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 23

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 23
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| • |     | reduced liquidity of Denali’s securities; |

| • |     | a limited amount of news and analyst coverage in the future; |

| • |     | institutional investors losing interest in Denali’s securities; and |

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

Additionally, the National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because Denali’s securities were delisted from Nasdaq, the Public Units, Denali Class A Ordinary Shares and Public Warrants do not qualify as covered securities under the Securities Act and Denali is subject to regulation in each state in which it offers its securities. Please see “ Risk Factors — Denali’s securities were delisted from Nasdaq on April 16, 2025 and commenced trading on the OTC Markets on April 17, 2025. Additionally, while an application has been submitted to list the New Semnur C ommon S tock and New Semnur W arrants on Nasdaq, approval has not been received, and such approval is not a condition to the Closing . Trading on the OTC Markets could adversely affect the liquidity and market price of Denali’s and New Semnur’s securities.” Denali intends to seek the listing of New Semnur Common Stock and New Semnur Warrants on the Nasdaq Global Market under the proposed symbols “SMNR” and “SMNRW,” respectively, in connection with the completion of the Business Combination. An initial listing application for these securities has been filed and is currently under review by Nasdaq. However, there can be no assurance that New Semnur’s securities will be approved for listing on Nasdaq. Shareholders should note that, pursuant to Amendment No. 1 to the Merger Agreement, dated as of April 16, 2025, the requirement that the New Semnur Common Stock and New Semnur Warrants be approved for listing on Nasdaq or any other stock exchange is no longer a condition to the consummation of the Business Combination. Therefore, the Business Combination may be completed even if Nasdaq does not approve the listing application for New Semnur’s securities. On , 2025, the record date for the Meeting of shareholders, the last sale price of Denali Class A Ordinary Shares was $ . Each shareholder’s