Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 235

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 235
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 New Semnur has expressly elected not to be governed by Section 203 of the DGCL until the occurrence of a Scilex Trigger Event. At that time, such election shall be automatically withdrawn and New Semnur will thereafter be governed by Section 203 of the DGCL, except that the restrictions on business combinations of Section 203 of the DGCL will not apply to Scilex or its current or future Affiliates (as defined in the Proposed Charter) regardless of its percentage ownership of New Semnur Common Stock. These provisions could discourage, delay or prevent a transaction involving a change in control of New Semnur. These provisions could also discourage proxy contests and make it more difficult for New Semnur’s stockholders to elect directors of their choosing and cause New Semnur to take other corporate actions they desire, including actions that New Semnur’s stockholders may deem advantageous. In addition, because the New Semnur Board is responsible for appointing the members of New Semnur’s management team, these provisions could in turn affect any attempt by New Semnur’s stockholders to replace current members of New Semnur’s management team. These anti-takeover provisions and other provisions in the Proposed Charter, the Proposed Bylaws and Delaware law could make it more difficult for stockholders or potential acquirors to obtain control of the New Semnur Board or initiate actions that are opposed by New Semnur’s then-current board of directors and could also delay or impede a merger, tender offer or proxy contest involving New Semnur. The existence of these provisions could negatively affect the price of New Semnur Common Stock and limit opportunities for a stockholder to realize value in a corporate transaction. For additional information regarding these and other provisions, see the section titled “ Description of New Semnur Securities.” In addition, if prospective takeovers are not consummated for any reason, New Semnur may experience negative reactions from the financial markets, including negative impacts on the price of New Semnur Common Stock. The Proposed Charter that will be in effect upon the Closing will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by New Semnur’s stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit New Semnur’s stockholders’ ability to obtain a favorable judicial forum for disputes with New Semnur. Pursuant to the