Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 232

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 232
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.9% of New Semnur’s outstanding voting stock
(excluding voting power represented by the New Semnur Series A Preferred Stock held by Scilex). This concentration of voting power may make it less likely that any other holder of New Semnur Common Stock will be able to affect the way New Semnur is
managed and could delay or prevent an acquisition of New Semnur on terms that other stockholders may desire. This could prevent transactions in which stockholders might otherwise recover a premium for their shares over current market prices. See
“Risk Factors—We are controlled by Scilex, whose interests may differ from those of our public shareholders” above for additional information regarding Scilex’s
influence and control in New Semnur. See “Security Ownership of Certain Beneficial Owners and Management” for information regarding the ownership of New Semnur’s outstanding stock by its directors, executive officers, and
current beneficial owners of 5% or more of New Semnur’s voting securities and their respective affiliates.

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New Semnur’s ability to use its net operating loss and tax credit carryforwards may be subject to limitation. Generally, a change of more than 50% in the ownership of a company’s stock, by value, over a three-year period constitutes an ownership change for U.S. federal income tax purposes. An ownership change may limit New Semnur’s ability to use its net operating loss carryforwards attributable to the period prior to the change. New Semnur has experienced a corporate reorganization in the past and may experience ownership changes in the future as a result of the Business Combination and/or subsequent changes in its stock ownership (some of which shifts are outside its control). As a result, if New Semnur earns net taxable income, its ability to use its pre-changenet operating loss carryforwards to offset U.S. federal taxable income may become subject to limitations, which could potentially result in increased future tax liability for New Semnur. The Tax Cuts and JOBS Act of 2017 (the “TCJA”), as amended by the CARES Act, includes changes to U.S. federal tax rates and the rules governing net operating loss (“NOL”) carryforwards. The TCJA, as modified by the CARES Act, limits a taxpayer’s ability to utilize NOL carryforwards to 80% of taxable income (as calculated before taking the NOLs, and certain other tax attributes, into account) for taxable