Company: SMNR
Filing Date: 2025-08-08
Form Type: S-4/A
Source: 0001193125-25-177097
Chunk: 95

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-08
Form: S-4/A
Chunk 95
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 Domestication, Merger Sub will merge with and into Semnur, with Semnur continuing as the surviving entity and wholly owned subsidiary of Denali. The Denali Board has (a) approved and declared advisable the Merger Agreement, the Business Combination and the other transactions contemplated thereby and (b) resolved to recommend that Denali’s shareholders approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Business Combination.

The Merger Agreement was amended on April 16, 2025, pursuant to Amendment No. 1 to Merger Agreement, by and among Denali, Merger Sub and Semnur. Among other things, Amendment No. 1 to Merger Agreement (i) modifies certain covenants of the parties to address the delisting of the Denali Securities from the Nasdaq Capital Market, (ii) extends the Outside Date to September 30, 2025, and (iii) requires Denali to amend its organizational documents to extend the period of time within which Denali can complete a business combination to December 11, 2025, or such other date that is mutually agreed to by Semnur and Denali.**

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**The Merger Agreement was amended on July 22, 2025, pursuant to Amendment No. 2 to Merger Agreement, by and among Denali, Merger Sub and Semnur. Among other things, Amendment No. 2 to Merger Agreement modifies the definitions of the Exchange Ratio and Merger Consideration to facilitate the issuance of additional shares of Semnur Common Stock prior to the closing of the Business Combination in connection with any potential private placement financing and to advisors and other service providers for services rendered.

Merger Consideration and Preferred Consideration

As a result of and upon the closing of the Business Combination, among other things, (i) each outstanding share of Semnur Common Stock as of immediately prior to the Effective Time (other than shares held by Semnur or its subsidiaries or shares the holders of which exercise dissenters’ rights of appraisal) will be automatically converted into the right to receive, without interest, a number of shares of New Semnur Common Stock equal to the Exchange Ratio (as defined below); (ii) each outstanding share of Semnur Preferred Stock issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, (a) one share of New Semnur Series A Preferred Stock and (