Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 70

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 70
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 Combination and the Meeting — Questions and Answers About the Business Combination — Why is Scilex conducting the Business Combination and related transactions?”for further discussions of Semnur’s and Scilex’s ongoing relationship and our liquidity needs.

| Q: | Will any of New Semnur’s directors and officers have actual or potential conflicts of interest because of their positions with Scilex? |

| A: | Following the Business Combination, Mr. Shah, Dr. Ji, Dr. Chun, Mr. Followwill and Dr. Wu will serve on the New Semnur Board. Mr. Shah and Dr. Ji, who will also be New Semnur executive officers, will retain their positions as members of the board of directors of Scilex (and in the case of Dr. Ji, the positions of Executive Chairman of the board of directors of Scilex, and in the case of Mr. Shah, the position of President and Chief Executive Officer). Mr. Ma will be New Semnur’s Chief Financial Officer and will retain his position as Chief Financial Officer, Senior Vice President and Secretary of Scilex. |

Service as an overlapping director or officer of Scilex and New Semnur could create, or appear to create, conflicts of interest with respect to matters involving or affecting more than one of the companies to which such directors or officers owe fiduciary duties. For example, these matters could relate to potential acquisitions of businesses or products, the development and ownership of technologies and product candidates, the sale of products, markets and other matters in which New Semnur’s best interest and the best interests of its stockholders may conflict with the best interests of Scilex and its stockholders. In particular, it is possible that New Semnur may be precluded from participating in certain business opportunities that New Semnur might otherwise have participated in as those opportunities may be presented to Scilex because such directors may deem such opportunities to have a greater benefit to Scilex than to New Semnur. In addition, such directors and officers may own shares of Scilex common stock, options to purchase shares of Scilex common stock or other Scilex equity awards. These individuals’ holdings of Scilex common stock, options to purchase shares of Scilex common stock or other equity awards of Scilex may be significant for some of these persons compared to these persons’ total assets. Their position at Scilex and the ownership of any Scilex equity or equity awards creates, or may