Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 291

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 291
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 purchaser and receive the purchaser’s written agreement to the transaction. If the New Semnur Common Stock is a “penny stock”, these disclosure requirements may have the effect of reducing the trading activity in the secondary market for the New Semnur Common Stock. The penny stock rules are burdensome and may reduce purchases of any offerings and reduce the trading activity for shares of New Semnur Common Stock. If the shares of New Semnur Common Stock are subject to the penny stock rules, the holders of such shares of New Semnur Common Stock may find it more difficult to sell their shares.

Because the market price of shares of New Semnur Common Stock will fluctuate, New Semnur stockholders cannot be sure of the value of the Business Combination consideration they will receive.

The market value of New Semnur securities at the effective time of the Business Combination may vary significantly from their respective values on the date the Merger Agreement was executed or at other dates. Because the Exchange Ratio with respect to the shares of New Semnur Common Stock to be issued in the Business Combination is fixed and will not be adjusted to reflect any changes in the market value of shares of Denali Class A Ordinary Shares, the market value of the shares of New Semnur Common Stock issued in connection with the Business Combination may be higher or lower than the values of those shares on earlier dates, and may be higher or lower than the value used to determine the exchange ratio. Stock price changes may result from a variety of factors, including changes in the business, operations or prospects of Denali, regulatory considerations, and general business, market, industry or economic conditions. Many of these factors are outside of the control of Denali.

The market price of shares of New Semnur Common Stock after the Business Combination may be affected by factors different from those currently affecting the price of shares of Denali.

Upon completion of the Business Combination, Semnur stockholders will become holders of shares of New Semnur Common Stock. Prior to the Business Combination, Denali has had limited operations. Upon completion of the Business Combination, New Semnur’s results of operations will depend upon the performance of Semnur, which is affected by factors that are different from those currently affecting the results of operations of Denali.

If the Business Combination’s benefits do not meet the expectations of financial analysts, the market price of New Semnur Common Stock may decline.

The market price of the New Semnur Common Stock may decline as a result of the Business Combination