Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 242

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 242
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 assumptions that affect the amounts reported in New Semnur’s financial statements and accompanying notes. New Semnur bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities, equity and expenses that are not readily apparent from other sources. If New Semnur’s assumptions change or if actual circumstances differ from its assumptions, its operating results may be adversely affected and could fall below its publicly announced guidance or the expectations of securities analysts and investors, resulting in a decline in the market price of New Semnur Common Stock. Anti-takeover provisions in the Proposed Charter and the Proposed Bylaws and under Delaware law could make an acquisition of New Semnur, which may be beneficial to its stockholders, more difficult and may prevent attempts by its stockholders to replace or remove New Semnur’s current management. The Proposed Charter and the Proposed Bylaws, each of which will be in effect upon completion of the Business Combination, and the DGCL contains provisions that could make it more difficult for a third party to acquire New Semnur, even if doing so might be beneficial to New Semnur’s stockholders. Among other things, these provisions include:

| • |     | allow the New Semnur Board to authorize the issuance of undesignated preferred stock, the terms of which may be established and the shares of which may be issued without stockholder approval, and |

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| which may include supermajority voting, special approval, dividend, or other rights or preferences superior to the rights of other stockholders; |

| • |     | provide for a classified board of directors with staggered three-year terms; |

| • |     | provide that, at any time after the Scilex Trigger Event, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66 2/3% in voting power of all the then-outstanding shares of New Semnur Common Stock entitled to vote thereon, voting together as a single class; |

| • |     | prohibit stockholder action by written consent from and after the Scilex Trigger Event; |

| • |     | provide that, at any time after the Scilex Trigger Event, special meetings may only be called by or at the direction of the Chairman of the New Semnur Board, the New Semnur Board or the Chief Executive Officer; |

| • |