Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 255

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 255
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Interest Purchase Agreement, 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 Sponsor Interest Purchase Agreement, 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. 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.   

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. 

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
Preferred Shares, among other things, (i) Scilex shall have the right, but not the obligation, to designate each director to be nominated,
elected or appointed to the Board of Directors of New Semnur (“New Semnur Board”) (each, a “Stockholder Designee”
and collectively, the “Stockholder Designees”), regardless of