Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 601

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 601
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 Business Combination, New Semnur will be a controlled company within the meaning of the Nasdaq Listing Rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements. Stockholders of New Semnur may not have the same protection afforded to stockholders of companies that are subject to such governance requirements.”

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Director Independence

Under the Nasdaq Listing Rules, a majority of the members of the New Semnur Board must satisfy Nasdaq’s criteria for “independence.” As a
“controlled company”, New Semnur is largely exempted from such requirements. Upon the consummation of the Business Combination, the New Semnur Board is expected to determine that each of the directors on the New Semnur Board, other than
Dr. Ji and Mr. Shah (as a result of their positions as New Semnur’s Executive Chairperson and New Semnur’s Chief Executive Officer, respectively), will qualify as independent directors, as defined by Rule 5605(a)(2) of the
Nasdaq Listing Rules and the New Semnur Board will consist of a majority of “independent directors” as defined under the rules of the SEC and Nasdaq relating to director independence requirements. In addition, New Semnur will be subject
to the rules of the SEC and Nasdaq relating to the membership, qualifications and operations of the audit committee, as discussed below.

Role of Board in Risk Oversight Process

Risk assessment and oversight are an integral part of Semnur’s governance and management processes.
The Semnur Board encourages management to promote a culture that incorporates risk management into its corporate strategy and day-to-day business operations. Management
discusses strategic and operational (including cybersecurity) risks at regular management meetings, and conducts specific strategic planning and review sessions during the year that include a focused discussion and analysis of the risks facing
Semnur. These risks are then reviewed with the Scilex Board at regular board meetings as part of management presentations covering both Scilex and Semnur that focus on particular business functions, operations or strategies, and presents the steps
taken by management to mitigate or eliminate such risks.

Effective upon the closing of the Business Combination, the New Semnur Board will be responsible
for overseeing the company’s overall risk management process. The responsibility for managing risk rests with executive management while the committees of the New Semnur Board and the New Semnur Board as a whole participate in the oversight
process. The New Semn