Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 580

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 580
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 the Merger Agreement, Scilex and Semnur entered into the Debt Exchange Agreement, pursuant to which Scilex shall contribute to Semnur all amounts (including accrued and unpaid interest thereon, if any) for the Outstanding Indebtedness, in exchange for the issuance by Semnur to Scilex of that number of shares of New Semnur Series A Preferred Stock (subject to adjustment for recapitalizations, stock splits, stock dividends and similar transactions) that is equal to (a) the sum of the aggregate amount of the Outstanding Indebtedness and the amount that is equal to 10% of such aggregate amount of the Outstanding Indebtedness divided by (b) $11.00 (rounded up to the nearest whole share). The Outstanding Indebtedness as of March 31, 2025 was $50,754,784, but will not exceed $60,000,000 as of immediately prior to the Closing.

In connection with the execution and delivery of the Merger Agreement, the Sponsor and Scilex entered into the Sponsor Interest Purchase Agreement. Pursuant to the SIPA, Scilex purchased the Purchased Interests of Denali that are currently held by the Sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000, the Cash Consideration and (ii) 300,000 Scilex Shares. Pursuant to the SIPA, Scilex has paid the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into one New Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

As described elsewhere in this proxy statement/prospectus, at the Effective Time, each share of Semnur Preferred Stock issued and outstanding immediately prior to the Effective Time shall be automatically converted into the right to receive, without interest, one share of New Semnur Series A Preferred Stock and one-tenth of one share of New Semnur Common Stock. As of March 31, 2025, the Aggregate Outstanding Amount was 50,754,784. Accordingly, the aggregate number of shares of Semnur Preferred Stock issued to Scilex prior to the Effective Time pursuant to the Debt Exchange Agreement would be approximately 5,