Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 675

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 675
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’s stockholders; provided, however, that from and after the Scilex Trigger Event, any vacancy resulting from the death, resignation, removal or disqualification of a director or other cause, or any newly created directorship in the New Semnur Board, shall be filled only by a majority of the directors then in office, although less than a quorum, and shall not be filled by New Semnur’s stockholders, in each case subject to the rights of the holders of any series of New Semnur Preferred Stock.

These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers, changes in control of New Semnur or changes in its management.

Delaware Anti-Takeover Law

The Proposed Charter will provide that New Semnur will opt out of Section 203 of the DGCL until the occurrence of a Scilex Trigger Event, at which time New Semnur shall immediately and automatically become governed by Section 203 of the DGCL.

Section 203 of the DGCL prohibits persons deemed to be “interested stockholders” from engaging in 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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