Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 51

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 51
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 Agreement provides that New Semnur will be prohibited from taking certain actions without the consent of Oramed (but only until the date on which all payments under the Oramed Note and all other obligations under the Oramed Note have been paid in full). The actions that require Oramed’s consent include, among other things, (i) amending certain agreements, (ii) approval of the issuance of capital stock of New Semnur that would result in Scilex holding less than 55% of the outstanding shares or voting power of New Semnur, (iii) forming any subsidiary that is not wholly owned and controlled by New Semnur, (iv) permitting any option grants to Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior to the execution of the Merger Agreement to be exercisable and (v) permitting certain compensation payments to Scilex Insiders (as defined therein). For more information on the terms of the New Semnur Series A Preferred Stock, see the section titled “ Description of New Semnur Securities — New Semnur Preferred Stock Following the Business Combination” and the section titled “ Certain Relationships and Related Party Transactions — Certain Transactions of Denali — Stockholder Agreement with Scilex” .

| Q: | When is the Business Combination expected to occur? |

For a description of the conditions to the completion of the Business Combination, see the section titled “ The Merger Agreement — Closing Conditions.”

| Q: | What happens if the Business Combination is not consummated? |

| A: | If Denali does not consummate a business combination by December 11, 2025, it will trigger its automatic winding up, dissolution and liquidation pursuant to the terms of the Current Denali Charter. As a result, this has the same effect as if Denali had formally gone through a voluntary liquidation procedure under the laws of the Cayman Islands. Accordingly, no vote would be required from Denali’s shareholders to commence such a voluntary winding up, dissolution and liquidation. If Denali is unable to consummate its initial business combination by December 11, 2025, it will (a) cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of issued and outstanding Denali Class A Ordinary Shares, at a per share price, payable in cash, equal to the aggregate amount then on