Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 653

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 653
---
 time prior to a Scilex Trigger Event, the stockholders may also fix the number of directors by resolution adopted by the stockholders.

Removal of Directors; Vacancies

The Proposed
Charter will provide that, except as otherwise required by law or the Proposed Charter, directors may be removed with or without cause by the affirmative vote of the holders of a majority of the voting power of the then-outstanding shares of stock
of New Semnur entitled to vote generally in the election of such directors; provided, however, that, from and after the Scilex Trigger Event, any such director or all such directors may be removed only for cause and only by the affirmative vote of
the holders of at least 66 ⁄% of the voting power of all the then-outstanding shares of stock of New Semnur entitled to vote thereon, voting together as a single
class, in each case subject to the rights of holders of any series of New Semnur Preferred Stock.

In addition, the Proposed Charter will provide that,
except as otherwise provided therein or by law, any vacancy resulting from the death, resignation, removal or disqualification of a director or other cause, or any newly created directorship in the New Semnur Board, may be filled by a majority of
the directors then in office, although less than a quorum, or by New Semnur’s stockholders; provided, however, that from and after the Scilex Trigger Event, any vacancy resulting from the death, resignation, removal or disqualification of a
director or other cause, or any newly created directorship in the New Semnur Board, shall be filled only by a majority of the directors then in office, although less than a quorum, and shall not be filled by New Semnur’s stockholders, in each
case subject to the rights of the holders of any series of New Semnur Preferred Stock.

These provisions may have the effect of deferring, delaying, or
discouraging hostile takeovers, changes in control of New Semnur or changes in its management.

Delaware Anti-Takeover Law

The Proposed Charter will provide that New Semnur will opt out of Section 203 of the DGCL until the occurrence of a Scilex Trigger Event, at which time
New Semnur shall immediately and automatically become governed by Section 203 of the DGCL.

Section 203 of the DGCL prohibits persons deemed to
be “interested stockholders” from engaging in