Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1167

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1167
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 the Business Combination, (b) result in a breach
of any covenant, representation or warranty or other obligation or agreement of Semnur under the Merger Agreement or (c) result in a
breach of any covenant, representation or warranty or other obligation or agreement of Scilex contained in the Stockholder Support Agreement.

Sponsor
Interest Purchase Agreement

In
connection with the execution and delivery of the Merger Agreement, the Sponsor and Scilex entered into a Sponsor Interest Purchase Agreement
(the “SIPA”) dated August 30, 2024 (the “Signing Date”). Pursuant to the SIPA, Scilex agreed to purchase 500,000
Class B ordinary shares, par value $0.0001 per share (the “Purchased Interests”), of the Company that are currently held
by the Sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash
Consideration”) and (ii) 300,000 shares of common stock, par value $0.0001 per share, of Scilex (the “Scilex Shares”).
Pursuant to the SIPA, Scilex has paid the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the Sponsor
contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one
basis, into one New Semnur Common Share at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

Amended
and Restated Registration Rights Agreement

The
Merger Agreement contemplates that, at or prior to the closing of the Merger, the Company and Scilex will enter into an amended and restated
registration rights agreement (the “Registration Rights Agreement”), which, among other things, will govern the registration
of certain New Semnur Common Shares for resale and be effective as of the closing of the Merger.

F-13

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

Stockholder
Agreement

Concurrently
with the execution of the Merger Agreement, the Company entered into a Stockholder Agreement with Scilex (the “Stockholder Agreement”).
Pursuant to the Stockholder Agreement, from and after the Effective Time, and for so long as Scilex beneficially owns any New Semnur