Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 96

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 96
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 (as defined below) upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the Effective Time, including with respect to vesting and termination-related provisions, except that (y) such New Semnur Option shall relate to that whole number of shares of New Semnur Common Stock (rounded down to the nearest whole share) equal to the number of shares of Semnur Common Stock subject to such option, multiplied by the Exchange Ratio, and (z) the exercise price per share for each such share of New Semnur Common Stock shall be equal to the exercise price per share of such option in effect immediately prior to the Effective Time, divided by the Exchange Ratio (rounded up to the nearest full cent).

The “Exchange Ratio” means an amount equal to 1.25, being the amount equal to the quotient of (i) the Merger Consideration (as defined below), divided by (ii) the sum of (A) the aggregate number of shares of Semnur Common Stock and Semnur stock options issued and outstanding as of the date of the Merger Agreement (which number is 200,000,000 shares) plus (B) the aggregate number of shares of Semnur Common Stock and Semnur stock options issued after the date of the Merger Agreement and outstanding immediately prior to the Effective Time.

The “Merger Consideration” is 250,000,000 shares of New Semnur Common Stock, which is equal to the quotient of (i) the sum of (A) $2.5 billion plus (B) the product of (1) the aggregate number of shares of Semnur Common Stock and Semnur stock options issued after the date of the Merger Agreement and outstanding immediately prior to the Effective time multiplied by (y) 1.25 multiplied by (2) $10.00, divided by (ii) $10.00.

The aggregate number of shares of New Semnur Series A Preferred Stock to be issued to the holders of Semnur Preferred Stock will be determined based on the number of shares of Semnur Preferred Stock outstanding prior to the Effective Time. The number of shares of Semnur Preferred Stock outstanding prior to the Effective Time will be based on the aggregate amount of intercompany indebtedness owed by Semnur to Scilex that is outstanding as of immediately prior to the Effective Time, which indebtedness is being exchanged for Semnur Preferred Stock prior to the Closing pursuant to the