Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 240

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 240
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 price of New Semnur’s securities.

If New Semnur raises additional funds through collaboration, licensing or other similar arrangements, New Semnur may have to relinquish valuable rights to its product candidate, or grant licenses on terms unfavorable to New Semnur. If adequate funds are not available, New Semnur’s ability to achieve profitability or to respond to competitive pressures would be significantly limited and New Semnur may be required to delay, significantly curtail or eliminate the development of its product candidate.

New Semnur’s principal stockholders, directors and executive officers will own a significant percentage of its capital stock, and have significant influence over New Semnur’s management.

Following the closing of the Business Combination, New Semnur’s directors, executive officers, holders of 5% or more of New Semnur’s capital stock and their respective affiliates are expected to beneficially own, in the aggregate, a minimum of approximately 94.9% of New Semnur’s outstanding voting stock (excluding voting power represented by the New Semnur Series A Preferred Stock held by Scilex). This concentration of voting power may make it less likely that any other holder of New Semnur Common Stock will be able to affect the way New Semnur is managed and could delay or prevent an acquisition of New Semnur on terms that other stockholders may desire. This could prevent transactions in which stockholders might otherwise recover a premium for their shares over current market prices. See “Risk Factors—We are controlled by Scilex, whose interests may differ from those of our public shareholders” above for additional information regarding Scilex’s influence and control in New Semnur. See “Security Ownership of Certain Beneficial Owners and Management”**

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for information regarding the ownership of New Semnur’s outstanding stock by its directors, executive officers, and current beneficial owners of 5% or more of New Semnur’s voting securities and their respective affiliates. New Semnur’s ability to use its net operating loss and tax credit carryforwards may be subject to limitation. Generally, a change of more than 50% in the ownership of a company’s stock, by value, over a three-year period constitutes an ownership change for U.S. federal income tax purposes. An ownership change may limit New Semnur’s ability to use its net operating loss carryforwards attributable to the period prior to the change. New Semnur has experienced a corporate reorganization in