Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 407

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 407
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 Series A Preferred Stock as Preferred Consideration; |

| • |     | up to a maximum of 6,000,000 shares of New Semnur Series A Preferred stock to be issued to Scilex as the sole holder of Semnur Series A Preferred Stock as Preferred Consideration; |

| • |     | assuming approval of the Option Exchange Proposal, up to a maximum of 50,000,000 shares of New Semnur Common Stock that will be issuable upon exercise of options to purchase shares of New Semnur Common Stock; |

| • |     | 2,799,715 shares of New Semnur Common Stock to be issued in exchange for the same number of Denali Ordinary Shares; |

| • |     | 524,622 shares of New Semnur Common Stock to be issued upon the automatic separation of Units into their component parts; |

| • |     | 323,161 shares of New Semnur Common Stock, to be issued upon conversion (if converted) of the Denali Convertible Promissory Notes (taking into account accrued interest through September 30, 2025), of which Scilex will hold 18,000 shares; |

| • |     | 86,625 shares of New Semnur Common Stock expected to be issued to the Denali Underwriters pursuant to a deferred discount agreement to be entered into; |

| • |     | 8,000,000 shares of New Semnur Common Stock to be issued immediately following the Closing pursuant to the Consulting Services Agreements; and |

| • |     | 8,760,000 shares of New Semnur Common Stock issuable upon exercise of the New Semnur Warrants. |

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The Denali Board believes that it is important for New Semnur to have available for issuance a number of authorized shares of common stock and preferred stock sufficient to support our growth and to provide flexibility for future corporate needs (including, if needed, for employee compensation, financings and/or acquisitions).

Advisory Proposal B — Number of Directors

Subject to the rights of any holders of preferred stock to elect directors, the number of directors that shall constitute the New Semnur Board shall be as determined from time to time exclusively by the New Semnur Board; provided that, at any time the Scilex Group beneficially owns, in the aggregate, at least 50% in voting power of the then-outstanding shares of stock of New Semnur entitled