Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 278

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 278
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 application.

New Semnur will be required to meet the initial listing requirements to be listed on Nasdaq upon closing of the Business Combination. However, New Semnur may be unable to meet initial listing requirements to be listed on Nasdaq or maintain the listing of its securities in the future.

Denali’s securities are currently quoted on the OTC Markets. While Denali and Semnur submitted an initial application to list the New Semnur Common Stock
and New Semnur Warrants on Nasdaq, approval has not been obtained and there is no assurance that its listing application will be approved by Nasdaq.

159

Even if New Semnur’s securities are approved for listing on Nasdaq, New Semnur may subsequently be unable to maintain compliance with Nasdaq’s continued listing requirements. Additionally, the consummation of the Business Combination is not conditioned upon New Semnur obtaining a Nasdaq listing. If New Semnur is not able to list its securities on Nasdaq or another national securities exchange, New Semnur could face significant material adverse consequences. These consequences may include:

| • |     | a limited availability of market quotations for its securities; |

| • |     | reduced liquidity for its securities; |

| • |     | a determination that New Semnur Common Stock is a “penny stock”, which will require brokers trading                                                                         
 in New Semnur Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for its securities; |

| • |     | a limited amount of news and analyst coverage for New Semnur; and |

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

A shareholder-approved amendment to the Current Denali Charter removed the limitation that Denali may not redeem public shares in an amount that would cause Denali’s net tangible assets to be less than $5,000,001 contained therein, and the Merger Agreement does not include a closing condition that requires New Semnur to have at least $5,000,001 of net tangible assets upon the Closing or that New Semnur’s listing on Nasdaq or another national securities exchange has been approved. Accordingly, the Business Combination may be consummated even if the New Semnur Common Stock would be a “penny stock” upon the Closing. On October 11, 2023, Denali held the Extension Meeting. At the Extension Meeting, among other things, Denali