Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 418

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 418
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 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 to vote generally in the election of directors, the stockholders may also fix the number of directors by resolution adopted by the stockholders.

Advisory Proposals C, D and E — Required Vote for the Removal of Directors; Required Vote to Amend Certain Provisions of the Proposed Charter; Required Vote to Amend the Proposed Bylaws

The Denali Board believes that supermajority voting requirements described in Advisory Governance Proposals C, D and G are appropriate to protect all stockholders of Denali against the potential self-interested actions by one or a few large stockholders after the business combination. In reaching this conclusion, the Denali Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common stock following the business combination.

Advisory Proposal F — Stockholder Action by Written Consent

The Denali Board believes that it is desirable to prohibit, from and after the Scilex Trigger Event, stockholder action by written consent as a prudent corporate governance measure to reduce the possibility that a block of stockholders could take corporate actions without the benefit of a stockholder meeting to consider important corporate issues.

Advisory Proposal G — Changes in Connection with Adoption of the Proposed Charter

The Denali Board believes that changing the post-Business Combination corporate name from “Denali Capital Acquisition Corp.” to “Semnur Pharmaceuticals, Inc.” and making the post-Business Combination company’s corporate existence perpetual is desirable to reflect the Business Combination with Semnur and to clearly identify the post-Business Combination company as the publicly traded entity. Additionally, perpetual existence is the usual period of existence for corporations, and the Denali Board believes that it is the most appropriate period for the company following the business combination.

Furthermore, the Denali Board has determined it is in the best interest of Denali to eliminate provisions specific to its status as a blank check company. This