Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 105

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 105
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 capital stock held by Scilex in New Semnur, (ii) approving of the issuance of capital stock of New Semnur that would result in Scilex holding less than 55% of the outstanding shares or voting power of New Semnur, (iii) forming any subsidiary that is not wholly owned and controlled by New Semnur, (iv) permitting any option grants to Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior to the execution of the Merger Agreement to be exercisable or (v) permitting certain compensation payments to Scilex Insiders (as defined therein).

For more information on the terms of the New Semnur Series A Preferred Stock, see the section titled “Description of New Semnur Securities —New Semnur Preferred Stock Following the Business Combination” and the section titled “Certain Relationships and Related Party Transactions—Certain Transactions of Denali— Stockholder Agreement with Scilex.”

Sponsor Interest Purchase Agreement. In connection with the execution and delivery of the Merger Agreement, the Sponsor and Scilex entered into the Sponsor Interest Purchase Agreement, dated August 30, 2024 (the

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“Signing Date”). Pursuant to the Sponsor Interest Purchase Agreement, Scilex purchased the Purchased Interests that were held by the Sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) the Cash Consideration and (ii) 300,000 Scilex Shares. Pursuant to the SIPA, Scilex paid the Cash Consideration and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis,into shares of New Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement. Certain Compensation Arrangements. Under the Merger Agreement, Denali acknowledges certain compensation arrangements of New Semnur directors, officers and management team, which arrangements will become effective as of the Closing, subject to necessary approvals. For more information see “ Semnur’s Executive Compensation — New Semnur Executive Officer Compensation Following the Business Combination” and “ Semnur’s Director Compensation — New Semnur Director Compensation Following the Business Combination.” Deferred Discount Agreement. On April 6, 2022, in connection with the IPO,