Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 670

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 670
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 Other than the New Semnur Series A Preferred Stock to be issued to Scilex in connection with the closing of the Business Combination, there will be no other New Semnur Preferred Stock outstanding immediately after the closing of the Business Combination and New Semnur has no current plans to issue any other shares of preferred stock.

Upon the closing of the Business Combination, up to 6,000,000 shares of New Semnur Series A Preferred Stock will be issued to holders of Semnur Preferred Stock (i.e., Scilex) pursuant to the terms of the Merger Agreement and such shares shall have all of the rights, preferences and privileges set forth in the New Semnur Certificate of Designations as more fully described below.

Number and Designation

In connection with the closing of the Business Combination, Denali will file the New Semnur Certificate of Designations, designating a number of shares of “Series A Preferred Stock” of New Semnur, which number shall not exceed 6,000,000 shares and shall be issued to holders of Semnur Preferred Stock pursuant to the terms of the Merger Agreement and such shares shall have all of the rights, preferences and privileges set forth in the New Semnur Certificate of Designations as more fully described below.

Rank

The New Semnur Series A Preferred Stock shall rank (i) senior to all New Semnur Common Stock, and to all other classes or series of capital stock of New Semnur, except for any such other class or series, the terms of which expressly provide that it ranks on parity with the New Semnur Series A Preferred Stock as to dividend rights and rights on liquidation, dissolution or winding-up of New Semnur (“Junior Securities”); and (ii) on parity with each class or series of capital stock of New Semnur, created specifically ranking by its terms on parity with the New Semnur Series A Preferred Stock as to dividend rights and rights on liquidation, dissolution or winding-up of New Semnur (“Parity Securities”).**

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**Dividend Rights

Holders of New Semnur Series A Preferred Stock shall not be entitled to dividends unless New Semnur pays dividends to holders of New Semnur Common Stock and shall be entitled to receive, when, as and if declared by the New Semnur Board, such dividends (whether in cash or other property) as are paid to holders of New Semnur Common Stock