Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 899

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 899
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ness in excess of $15,000,000 in the aggregate, including in respect of intercompany loans, advances or other debt or
funding from Scilex to the Company;

(vii) (A) merge or consolidate with any other Person or (B) acquire any corporation,
partnership, association or other business entity or organization or division thereof;

A-1-40

(viii) make any change in its accounting principles other than in accordance with the
applicable accounting policies or methods or write down the value of any assets other than in the ordinary course of business consistent with past practice;

(ix) extend any loans other than travel or other expense advances to employees in the ordinary course of business or with the principal
amount not exceeding $20,000;

(x) issue, redeem or repurchase any capital stock or shares, membership interests or other securities, or
issue any securities exchangeable for or convertible into any share or any shares of its capital stock, other than as required by the Debt Exchange Agreement;

(xi) make or change any material Tax election or change any annual Tax accounting periods; or

(xii) undertake any legally binding obligation to do any of the actions set forth the foregoing clauses (i)-(xi).

7.2 . From the date hereof through the Closing Date, Parent
shall not, and shall cause Merger Sub not to, except as otherwise explicitly contemplated by this Agreement (including the Domestication) or the Additional Agreements or required by Law or as consented to by the Company in writing (which consent
shall not be unreasonably conditioned, withheld, delayed or denied):

(i) except in connection with any Extension Amendment, amend,
modify or supplement its Organizational Documents;

(ii) pay, declare or promise to pay any dividends or other distributions with respect
to its capital stock, share capital or other equity interests;

(iii) reclassify, split, combine or subdivide any of its capital stock or
securities convertible or exchangeable into or exercisable for any shares of its capital stock;

(iv) obtain or incur any Indebtedness
(other than to finance Parent expenses) which Indebtedness shall not exceed (i) $250,000 in the aggregate or (ii) in the event that an Extension Amendment is in effect, $1,750,000;

(v) (A) merge or consolidate with any other Person or (B) acquire any corporation, partnership, association or other business entity or
organization or division thereof;

(vi) make any