Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 17

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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ur common stock to
be counted as present thereat for the purpose of establishing a quorum; (ii) vote (or execute and return an action by written consent),
or cause to be voted at any such meeting of Semnur’s stockholders (or validly execute and return and cause such consent to be granted
with respect to), all of its shares of Semnur common stock in favor of the Merger Agreement and the Business Combination; (iii) authorize
and approve any amendment to Semnur’s certificate of incorporation or bylaws that is deemed necessary or advisable by Semnur for
purposes of effecting the Business Combination; and (iv) vote (or execute and return an action by written consent), or cause to be voted
at any such meeting of Semnur’s stockholders (or validly execute and return and cause such consent to be granted with respect to),
all of its shares of Semnur common stock against any other action that would reasonably be expected to (a) impede, interfere with, frustrate,
delay, postpone or adversely affect the Business Combination, (b) result in a breach of any covenant, representation or warranty or other
obligation or agreement of Semnur under the Merger Agreement or (c) result in a breach of any covenant, representation or warranty or
other obligation or agreement of Scilex contained in the Stockholder Support Agreement.

Sponsor Interest Purchase Agreement

In connection with the execution and delivery
of the Merger Agreement, the Sponsor and Scilex entered into a Sponsor Interest Purchase Agreement (the “SIPA”) dated August
30, 2024 (the “Signing Date”). Pursuant to the SIPA, Scilex agreed to purchase 500,000 Class B ordinary shares, par value
$0.0001 per share (the “Purchased Interests”), of the Company that are currently held by the Sponsor. The aggregate consideration
for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash Consideration”) and (ii) 300,000
shares of common stock, par value $0.0001 per share, of Scilex (the “Scilex Shares”). Pursuant to the SIPA, Scilex has paid
the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the
occurrence of the Effective Time.