Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 260

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 260
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 coverage of us since there is no incentive to brokerage firms to recommend the purchase of our common stock. No assurance can be
given that brokerage firms will, in the future, want to conduct any offerings on our behalf. All of these differences from an underwritten public offering of our securities could result 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

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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 potential liability of certain participants in proposed business combination transactions; and provided guidance regarding the extent