Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 320

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 320
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 than Nasdaq listing; extending the outside date for completion of the Business Combination; and updating various provisions to reflect the change in trading venue.

On April 25, 2025, at a special meeting of the stockholders of Semnur, the stockholders of Semnur unanimously approved the Merger Agreement and the transactions contemplated thereby, including the Merger.

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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 reasonably expected to trade below the trust value of approximately $12.18. If this scenario were to materialize, the public shareholders would have been better off redeeming rather than holding the stock post Business Combination. |

Opinion of CB Capital Denali retained CB Capital to provide financial advisory services and a financial opinion in connection with the Business Combination of Denali and Semnur. The Denali Board selected CB Capital to act as Denali’s financial advisor based on CB Capital’s qualifications,