{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-220455","form_type":"8-K","ticker":"SMNR","cik":"0001913577","company_name":"Semnur Pharmaceuticals, Inc.","filed_at":"2025-09-26T23:59:59+00:00","discovered_at":"2026-05-14T18:02:45.577818+00:00","generated_at":"2026-05-17T05:36:47.512993+00:00","sec_items":["1.01","2.01","9.01","5.02","3.02","4.01","2.03","3.03","8.01","5.01","5.03","5.05","5.06","7.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Semnur completes de-SPAC merger with Denali; trades under SMNR on OTCQB","bullets":["Business combination closed Sept 22, 2025; Legacy Semnur becomes wholly owned subsidiary of New Semnur.","Exchange ratio of 1.25; SHC contributed $54.2M intercompany debt for 5.4M shares of Legacy Semnur preferred.","Entered Securities Purchase Agreement with Biconomy PTE.LTD for 6.25M shares at $16/share payable in Bitcoin.","Settled underwriter deferred discount and sponsor/futuretech debts with cash, shares, and promissory notes.","Trading symbols changed to SMNR (common) and SMNRW (warrants) on OTCQB."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-220455","json":"https://secwatch.observer/filing/0001193125-25-220455.json","markdown":"https://secwatch.observer/filing/0001193125-25-220455.md","text":"https://secwatch.observer/filing/0001193125-25-220455.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/d68253d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T05:36:47.512993+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0e96747411645d486d881034120ba9839a8244bd","claim":"Semnur Pharmaceuticals, Inc. incurred loan of $1,325,000 with D. Boral Capital LLC at 10% per annum maturing nine monthly installments of $150,000 beginning on October 1, 2025.","evidence_excerpt":"On September 22, 2025, prior to the Closing, Denali and D. Boral entered a Satisfaction and Discharge of Indebtedness Agreement (the “D. Boral Agreement”), pursuant to which, in lieu of the Common Stock Consideration and Deferred discount owed to D. Boral under the Deferred Discount Agreement, D. Boral received $175,000 in cash and 50,000 shares of New Semnur Common Stock (the “D. Boral Shares”) and Denali issued to D. Boral a promissory note in the amount of $1,325,000 (the “D. Boral Promissory Note”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$1,325,000"},{"label":"Counterparty","value":"D. Boral Capital LLC"},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"nine monthly installments of $150,000 beginning on October 1, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"2d00ab556e9ebfb5382a85f25cc3503737562b34","claim":"Semnur Pharmaceuticals, Inc. incurred loan of $1,325,000 with US Tiger Securities, Inc. at 10% per annum maturing nine monthly installments of $150,000 beginning on October 1, 2025.","evidence_excerpt":"On September 22, 2025, prior to the Closing, Denali and US Tiger also entered a Satisfaction and Discharge of Indebtedness Agreement (the “US Tiger Agreement”), pursuant to which, in lieu of the Common Stock Consideration and Deferred discount owed to US Tiger under the Deferred Discount Agreement, US Tiger received $175,000 in cash and 50,000 shares of New Semnur Common Stock (the “US Tiger Shares”) and Denali issued to US Tiger a promissory note in the amount of $1,325,000 (the “US Tiger Promissory Note”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$1,325,000"},{"label":"Counterparty","value":"US Tiger Securities, Inc."},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"nine monthly installments of $150,000 beginning on October 1, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"6a9d0a5b156c6d625c8ef1d2c553dd3845d23a7c","claim":"Semnur Pharmaceuticals, Inc.: Adopted a new Code of Business Conduct and Ethics (effective 2025-09-22).","evidence_excerpt":"on September 22, 2025, the Board approved and adopted a new Code of Business Conduct and Ethics applicable to all employees, officers and directors of the Company.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"code of ethics"},{"label":"Effective","value":"2025-09-22"}],"fact_type":"governance_change"},{"claim_id":"8425cb333601fd99fc0872111f7d0df0445cf0a2","claim":"Semnur Pharmaceuticals, Inc.: Company ceased to be a shell company upon closing of business combination (effective 2025-09-22).","evidence_excerpt":"As a result of the Business Combination, the Company ceased to be a shell company upon the Closing of the Business Combination.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"shell status"},{"label":"Effective","value":"2025-09-22"}],"fact_type":"governance_change"},{"claim_id":"a30b14032d8f72efbb6c7ec0da440fc72db1ed16","claim":"Semnur Pharmaceuticals, Inc.: Bylaws of Denali became the bylaws of New Semnur (effective 2025-09-22).","evidence_excerpt":"The bylaws of Denali became the bylaws of New Semnur (the “Bylaws”).","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"},{"label":"Effective","value":"2025-09-22"}],"fact_type":"governance_change"},{"claim_id":"dcecc8d604aca2b7a1cf01b013b105d29e076a43","claim":"Semnur Pharmaceuticals, Inc.: Restated certificate of incorporation upon closing of business combination (effective 2025-09-22).","evidence_excerpt":"In connection with the Closing, Denali changed its corporate name of “Denali Capital Acquisition Corp.” to “Semnur Pharmaceuticals, Inc.” and restated its certificate of incorporation (the “Restated Charter”) to remove provisions relating to the incorporator and initial board of directors following the Domestication and prior to the Effective Time.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2025-09-22"}],"fact_type":"governance_change"},{"claim_id":"120cbd098b27507b9325f1a1ffe23dc14cf7edf5","claim":"Semnur Pharmaceuticals, Inc. completed an acquisition involving Legacy Semnur (Semnur Pharmaceuticals, Inc.) (closed 2025-09-22).","evidence_excerpt":"On September 22, 2025 (the \"Closing Date\"), as contemplated by the Merger Agreement and described in the section of the Proxy Statement/Prospectus titled \" Proposal 1—The Business Combination Proposal, \" New Semnur consummated the merger transaction contemplated by the Merger Agreement (the \"Closing\"), whereby Merger Sub merged with and into Legacy Semnur, the separate corporate existence of Merger Sub ceased and Legacy Semnur became the surviving corporation and a wholly owned subsidiary of New Semnur (the \"Merger\" and, together with the Domestication, the \"Business Combination\").","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"acquisition"},{"label":"Counterparty","value":"Legacy Semnur (Semnur Pharmaceuticals, Inc.)"},{"label":"Closing","value":"2025-09-22"}],"fact_type":"ma_transaction"},{"claim_id":"27da82617d6a7b9afcce6907f78a1a505bb33327","claim":"Semnur Pharmaceuticals, Inc. underwent a change of control involving Legacy Semnur (Semnur Pharmaceuticals, Inc.) (closed 2025-09-22).","evidence_excerpt":"On September 22, 2025 (the \"Closing Date\"), as contemplated by the Merger Agreement and described in the section of the Proxy Statement/Prospectus titled \" Proposal 1—The Business Combination Proposal, \" New Semnur consummated the merger transaction contemplated by the Merger Agreement (the \"Closing\"), whereby Merger Sub merged with and into Legacy Semnur, the separate corporate existence of Merger Sub ceased and Legacy Semnur became the surviving corporation and a wholly owned subsidiary of New Semnur (the \"Merger\" and, together with the Domestication, the \"Business Combination\").","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1913577/000119312525220455/0001193125-25-220455-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"change of control"},{"label":"Counterparty","value":"Legacy Semnur (Semnur Pharmaceuticals, Inc.)"},{"label":"Closing","value":"2025-09-22"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}