Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 233

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 233
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holders. This control will enable Scilex to control the election of the members of the New Semnur Board and all other corporate decisions. In particular, for so long as Scilex continues to own a majority of the New Semnur Common Stock, Scilex will be able to cause or prevent a change of control of New Semnur or a change in the composition of the New Semnur Board and could preclude any unsolicited acquisition of New Semnur.

Pursuant to the Registration Rights Agreement and the Proposed Charter, which will take effect upon completion of the Business Combination, Scilex will have certain rights, and the ability to take certain actions, that are not otherwise available to all New Semnur stockholders. For example, the Registration Rights Agreement provides Scilex the right, following the Business Combination and subject to certain conditions, to demand that New Semnur file a registration statement or request that their shares of New Semnur Common Stock be covered by a registration statement that New Semnur is otherwise filing. See the section titled “Description of New Semnur**

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Securities—Registration Rights” for additional information regarding these rights. In addition, until such time as Scilex first ceases to own greater than 50% of the outstanding voting power of the New Semnur Common Stock, the Proposed Charter will effectively provide Scilex with the ability to fill vacancies on the New Semnur Board, remove directors (with or without cause), call a special meeting of the New Semnur stockholders, amend the Proposed Charter (subject to approval of the New Semnur Board) and amend the Proposed Bylaws. The directors so elected will have the authority, subject to the terms of our indebtedness and applicable rules and regulations, to issue additional stock, implement stock repurchase programs, declare dividends and make other decisions. See the section titled “Description of New Semnur Securities—Anti-takeover Matters in New Semnur’s Governing Documents and Under Delaware Law” for additional information regarding Scilex’s ability to take such actions.

Even when Scilex ceases to control a majority of the total voting power of New Semnur, for so long as Scilex continues to own a significant percentage of the New Semnur Common Stock and for so long as the Scilex Group owns any shares of New Semnur Series A Preferred Stock, Scilex will still be able to significantly