Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 389

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 389
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 Proposal is approved, then Denali will also ask its shareholders to approve the Charter Approval Proposal (discussed below), which, if approved, will replace the Current Denali Charter with the Proposed Charter and the Proposed Bylaws under the DGCL. The Proposed Charter and the Proposed Bylaws differ in certain material respects from the Current Denali Charter and Denali encourages shareholders to carefully consult the information set out below under “Proposal 3–The Charter Approval Proposal” and “Proposal 4–The Bylaws Approval Proposal” and the Proposed Charter and the Proposed Bylaws, attached hereto as Annex B and Annex C, respectively.

Reasons for the Domestication

The Denali Board believes that it would be in the best interests of Denali to effect the Domestication immediately prior to the completion of the Business Combination.

Because Denali will operate within the United States following the Merger, it is the view of the Denali Board that Denali should also be structured as a corporation organized in the United States. The Denali Board believes Delaware provides a recognized body of corporate law that will facilitate corporate governance by Denali officers and directors. Delaware maintains a favorable legal and regulatory environment in which to operate. For many years, Delaware has followed a policy of encouraging companies to incorporate there and, in furtherance of that policy, has adopted comprehensive, modern and flexible corporate laws that are regularly updated and revised to meet changing business needs. As a result, many corporations have initially chosen Delaware as their domicile or have subsequently reincorporated in Delaware in a manner similar to the procedures Denali is proposing. Due to Delaware’s longstanding policy of encouraging incorporation in that state and consequently its**

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**popularity as the state of incorporation, the Delaware courts have developed a considerable expertise in dealing with corporate issues and a substantial body of case law has developed construing the DGCL and establishing public policies with respect to Delaware corporations. It is anticipated that the DGCL will continue to be interpreted and explained in a number of significant court decisions that may provide greater predictability with respect to Denali’s corporate legal affairs.

Expected Accounting Treatment of the Domestication

There will be no accounting effect or change in the carrying amount of the assets and liabilities of Denali as a result of the Domestication. The business, capitalization, assets and liabilities, and financial statements of Denali immediately following the Domestication will be the same as those of Denali immediately prior to the Domestication.

Vote Required for Approval

The approval of the Domestication Proposal