Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 59

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 59
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 Stock”) to record holders of certain securities of Scilex as of the close of business on November 7, 2024, which was subsequently changed to such later date to be determined in the sole discretion of the Scilex Board (such later record date as so determined by the Scilex Board, the “Scilex Record Date”). The Scilex Board has not yet set a payment date for the Scilex Dividend and the Scilex Board has the right to change the Scilex Record Date and to revoke the payment of the Scilex Dividend at any time prior to the payment date. |

Pursuant to the terms of the Certificate of Designation of Preferences, Rights and Limitations of Series 1 Mandatory Exchangeable Preferred Stock (the “Scilex Certificate of Designation”) governing the Scilex Series 1 Preferred Stock, the holders of the Scilex Series 1 Preferred Stock may become entitled to a pro rata portion of the number of shares that represents the lesser of (a) 10% of the shares of Semnur Common Stock (or such other securities into which or for which such stock may be exchanged or converted, including New Semnur Common Stock), held by Scilex as of immediately prior to the Scilex Effective Time (as defined below) (taking into account any adjustment for any stock dividend, stock split, reverse stock split or similar transaction) and (b) that number of shares of Semnur Common Stock (or such other securities into which or for which such stock may be exchanged or converted, including New Semnur Common Stock) equal to $200,000,000 divided by the closing price of such Semnur Common Stock (or such other securities into which or for which such stock may be exchanged or converted) on any national securities exchange on which such shares are listed on the date that is 10 trading days prior to the Determination Date (as defined below), which shares shall be paid from the shares of Semnur Common Stock (or such other securities into which or for which such stock may be exchanged or converted, including New Semnur Common Stock) held by Scilex as of immediately prior to the Effective Time (taking into account any adjustment for any stock dividend, stock split, reverse stock split or similar transaction). For purposes of the Scilex Certificate of Designation, (i) “Scilex Effective Time” means the effective time of the Business Combination as determined under the terms of