Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 239

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 239
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 New Semnur will be a “controlled company” within the meaning of the corporate governance standards of Nasdaq. Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements. For example, controlled companies, within one year of the date of the listing of their common stock:

| • |     | are not required to have a board that is composed of a majority of “independent directors” as defined 
 under the Nasdaq Listing Rules;                                                                       |

| • |     | are not required to have a compensation committee that is composed entirely of independent directors or have a 
 written charter addressing the committee’s purpose and responsibilities; and                                   |

| • |     | are not required to have director nominations be made, or recommended to the full board of directors, by its                                                                                                             
 independent directors or by a nominating and corporate governance committee that is composed entirely of independent directors, and to adopt a written charter or a board resolution addressing the nominations process. |

While we do not presently intend to rely on these exemptions, New Semnur may opt to utilize these exemptions in the future as long as it remains a controlled company. Accordingly, New Semnur stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If New Semnur ceases to be a “controlled company” in the future, it will be required to comply with the Nasdaq listing standards, which may require replacing a number of its directors and will require development of certain other governance-related policies and practices. These and any other actions necessary to achieve compliance with such rules may increase New Semnur’s legal and administrative costs, will make some activities more difficult, time-consuming and costly and may also place additional strain on New Semnur’s personnel, systems and resources. 138

New Semnur will incur increased costs as a result of operating as a public company, and its management will devote substantial time to related compliance initiatives.

As a public company, New Semnur will incur significant legal, accounting and other
expenses that Semnur did not incur as a private company, and these expenses may increase even more after it is no longer an “emerging growth company.” New Semnur will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley