Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 222

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 222
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 following the Business Combination and subject to
certain conditions, to demand that New Semnur file a registration statement or request that their shares of New Semnur Common Stock be covered by a registration statement that New Semnur is otherwise filing. See the section titled
“Description of New Semnur

128

Securities—Registration Rights” for additional information regarding these rights. In addition, until such time as Scilex first ceases
to own greater than 50% of the outstanding voting power of the New Semnur Common Stock, the Proposed Charter will effectively provide Scilex with the ability to fill vacancies on the New Semnur Board, remove directors (with or without cause), call a
special meeting of the New Semnur stockholders, amend the Proposed Charter (subject to approval of the New Semnur Board) and amend the Proposed Bylaws. The directors so elected will have the authority, subject to the terms of our indebtedness and
applicable rules and regulations, to issue additional stock, implement stock repurchase programs, declare dividends and make other decisions. See the section titled “Description of New Semnur Securities—Anti-takeover Matters in New Semnur’s Governing Documents and Under Delaware Law” for additional information regarding Scilex’s ability to take such actions.

Even when Scilex ceases to control a majority of the total voting power of New Semnur, for so long as Scilex continues to own a significant percentage of
the New Semnur Common Stock and for so long as the Scilex Group owns any shares of New Semnur Series A Preferred Stock, Scilex will still be able to significantly influence the composition of the New Semnur Board and the approval of actions
requiring stockholder approval. Accordingly, for such period of time, Scilex will have significant influence with respect to New Semnur’s management, business plans and policies. Because of the significant ownership position held by Scilex,
New Semnur’s classified board structure and the rights granted to Scilex under the Stockholder Agreement, new investors may not be able to effect a change in New Semnur’s business or management. The concentration of ownership and
availability of the foregoing rights could deprive our stockholders of an opportunity to receive a premium for their shares of common stock as part of a sale of our company and ultimately might affect the market price of the New Semnur Common Stock.
See the risk factor below titled