Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 241

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 241
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 a written charter or a board resolution addressing the nominations process. |

While we do not presently intend to rely on these exemptions, New Semnur may opt to utilize these exemptions in the future as long as it remains a controlled company. Accordingly, New Semnur stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If New Semnur ceases to be a “controlled company” in the future, it will be required to comply with the Nasdaq listing standards, which may require replacing a number of its directors and will require development of certain other governance-related policies and practices. These and any other actions necessary to achieve compliance with such rules may increase New Semnur’s legal and administrative costs, will make some activities more difficult, time-consuming and costly and may also place additional strain on New Semnur’s personnel, systems and resources. New Semnur will incur increased costs as a result of operating as a public company, and its management will devote substantial time to related compliance initiatives. As a public company, New Semnur will incur significant legal, accounting and other expenses that Semnur did not incur as a private company, and these expenses may increase even more after it is no longer an “emerging growth company.” New Semnur will be subject to the reporting requirements of the Exchange Act, the Sarbanes-OxleyAct, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), as well as rules and regulations adopted, and to be adopted, by the SEC and Nasdaq. New Semnur’s management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, New Semnur expects these rules and regulations to substantially increase its legal and financial compliance costs and to make some activities more time-consuming and costly, which will increase its operating expenses. For example, New Semnur 135

expects these rules and regulations to make it more difficult and more expensive for New Semnur to obtain directors’ and officers’ liability insurance and New Semnur may be required to incur substantial costs to maintain sufficient coverage. New Semnur cannot predict or estimate the amount or timing of additional costs it may incur to respond to these requirements. The impact of these requirements could also make it more difficult for New Semnur to attract and retain qualified persons to serve on the New Semnur Board, New Semnur’s board committees or as executive