Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1605

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9C
Chunk 1605
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 9,
2024, to withdraw its registration statement on Form S-4, as amended, initially filed with the SEC on March 29, 2023.

Merger
Agreement – Semnur

On
August 30, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Semnur Pharmaceuticals,
Inc. (“Semnur”), a Delaware corporation and wholly owned subsidiary of Scilex Holding Company (“Scilex”), and
Denali Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). The term “New
Semnur” is used to refer to the Company after completion of the transactions contemplated by the Merger Agreement.

Subject
to the terms and conditions set forth in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s
equity holders will be an amount equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in New Semnur
Common Shares. In accordance with the terms and subject to the conditions of the Merger Agreement, following the Company’s deregistering
as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware
(the “Domestication”) and at the effective time of the Merger (the “Effective Time”): (i) each share of common
stock of Semnur issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive,
without interest, a number of shares of common stock of New Semnur (the “New Semnur Common Shares”) equal to the Exchange
Ratio (as defined in the Merger Agreement); (ii) each share of Series A preferred stock of Semnur issued and outstanding immediately
prior to the Effective Time will be automatically converted into the right to receive, without interest, (a) one share of Series A preferred
stock of New Semnur (the “New Semnur Preferred Share”) and (b) one-tenth of one New Semnur Common Share, and (iii) subject
to the Company’s receipt of the Option Exchange Approval (as defined in the Merger Agreement), each option to purchase a share
of Semnur common stock that is then outstanding shall be converted into the right to receive an option to purchase a number of