Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 671

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 671
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Fully Paid and Non-Assessable

The outstanding Denali Ordinary Shares are, and the shares of New Semnur Common Stock issued in the Business Combination will be, fully paid and non-assessable.

New Semnur Preferred Stock Following the Business Combination

The Proposed Charter will authorize the New Semnur Board, subject to limitations prescribed by Delaware law, to issue up to 45,000,000 shares of preferred stock in one or more series, to determine and fix from time to time the number of shares to be included in each such series and to fix the designations, powers, rights and preferences of the shares of each such series, and the qualifications, limitations and restrictions thereof, including voting rights (if any), dividend rights, dissolution rights, conversion rights, exchange rights and redemption rights, in each case without further vote or action by New Semnur’s stockholders. The number of authorized shares of New Semnur Common Stock and New Semnur Preferred Stock may be increased or decreased (but not below the number of the shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of the outstanding stock of New Semnur entitled to vote thereon.

The New Semnur Board may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of New Semnur Common Stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control and may adversely affect the market price of New Semnur Common Stock and the voting and other rights of the holders of New Semnur Common Stock. 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

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