---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-079504"
form_type: "8-K"
ticker: "SMNR"
cik: "0001913577"
company_name: "Semnur Pharmaceuticals, Inc."
filed_at: "2025-08-22T23:59:59+00:00"
generated_at: "2026-05-17T10:40:03.073773+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Denali Capital enters $20M PIPE at $16/share and 12M share escrow for Semnur merger

## Summary
- PIPE purchase of 1.25M shares at $16.00 each for $20M total from a single purchaser.
- Shares sold exempt under Section 4(a)(2) and Rule 506(b); restricted securities.
- Semnur to deposit 12M shares of New Semnur common stock into escrow within 20 business days post-closing.
- Closing conditioned on business combination; termination date for PIPE is Dec 31, 2025.
- Merger agreement (amended) with Denali Merger Sub Inc. and Semnur; S-4 effective Aug 12, 2025.

## SEC filing metadata
- accession: 0001213900-25-079504
- form_type: 8-K
- ticker: SMNR
- cik: 0001913577
- company_name: Semnur Pharmaceuticals, Inc.
- filed_at: 2025-08-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1913577/000121390025079504/0001213900-25-079504-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1913577/000121390025079504/ea0254236-8k425_denali.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-079504
- JSON: https://secwatch.observer/filing/0001213900-25-079504.json
- Plain text: https://secwatch.observer/filing/0001213900-25-079504.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.