Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 654

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 654
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 a “business combination” with a publicly held Delaware corporation for three years following the date such persons become interested stockholders, unless the business combination
is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates
and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or stock
sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions that are not approved in advance by the New Semnur Board,
including discouraging attempts that might result in a premium over the market price for the shares of New Semnur Common Stock held by stockholders.

The
Proposed Charter will provide that the restrictions on business combination of Section 203 of the DGCL will not apply to Scilex or its current or future Affiliates (as defined in the Proposed Charter) regardless of the percentage of ownership
of the total voting power of all the then-outstanding shares of capital stock of New Semnur entitled to vote generally in the election of directors beneficially owned by them.

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No Cumulative Voting

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. The
Proposed Charter will not authorize cumulative voting. Therefore, stockholders holding a majority of the shares of capital stock of New Semnur entitled to vote generally in the election of directors will be able to elect all of New Semnur’s
directors.

Special Stockholder Meetings

The
Proposed Charter will provide that special meetings of stockholders may only be called by order of the Chairman of the New Semnur Board, the New Semnur Board or the Chief Executive Officer; provided, however, that at any time prior to the Scilex
Trigger Event, special meetings of New Semnur stockholders shall also be called by or at the direction of the New Semnur Board or the Chairman of the New Semnur Board at the request of Scilex, in each case subject to the rights of the holders of any
series of New Semnur Preferred Stock with respect to such series of preferred stock. The Proposed Bylaws will