Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 269

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 269
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 in a more volatile price for our securities.

Further, since there will be no traditional “roadshow,” there can be no guarantee that any information made available in this proxy statement/prospectus and/or otherwise disclosed or filed with the SEC will have the same impact on investor education as a traditional “roadshow” conducted in connection with an underwritten initial public offering. As a result, there may not be efficient or sufficient price discovery with respect to the securities or sufficient demand among potential investors immediately after the Closing, which could result in a more volatile price for the securities.

In addition, the Sponsor, certain members of the Denali Board and its officers, as well as their respective affiliates and permitted transferees, have interests in the Business Combination that are different from or are in addition to those of holders of our securities following completion of the Business Combination, and that would not be present in an underwritten public offering of our securities. Such interests may have influenced the Denali Board in making their recommendation that Denali shareholders vote in favor of the approval of the Business Combination and the other proposals described in this proxy statement/prospectus. See the section titled “Proposal 1—The Business Combination Proposal—Interests of Certain Persons in the Business Combination.”

Such differences from an underwritten public offering may present material risks to unaffiliated investors that would not exist if we became a publicly listed company through an underwritten initial public offering instead of upon completion of the Business Combination.

The SEC adopted final rules to regulate special purpose acquisition companies that may increase Denali’s costs and the time needed to complete the initial business combination.

With respect to the regulation of special purpose acquisition companies like Denali, the SEC adopted new rules on January 24, 2024 (the “SPAC Rules”) that, among other items, enhanced disclosures in business combination transactions involving special purpose acquisition companies and private operating companies; modified the condensed financial statements requirements applicable to transactions involving shell companies; created additional disclosure obligations and requirements for the use of projections by special purpose acquisition companies in SEC filings in connection with proposed business combination transactions; broadened the**

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potential liability of certain participants in proposed business combination transactions; and provided guidance regarding the extent to which special purpose acquisition companies could become subject to regulation under the Investment Company Act of 1940, as amended (the “Investment Company Act”), which included a summary of the SEC staff’s views on the facts and circumstances that are relevant to making a determination as to whether a special purpose acquisition company meets