Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 375

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 375
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 the holders of which exercise dissenters’ rights of appraisal) will be automatically converted into the right to receive, without interest, a number of shares of New Semnur Common Stock equal to the Exchange Ratio (as defined below), (ii) each outstanding share of Semnur Preferred Stock as of immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, (a) one share of New Semnur Series A Preferred Stock and (b) one-tenth of one share of New Semnur Common Stock, and (iii) subject to receipt of shareholder approval of the Option Exchange Proposal, each option to purchase Semnur Common Stock that is outstanding as of immediately prior to the Effective Time shall be converted into the right to receive an option relating to the New Semnur Common Stock upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the Effective Time, including with respect to vesting and termination-related provisions, except that (y) such New Semnur Option shall relate to that whole number of shares of New Semnur Common Stock (rounded down to the nearest whole share) equal to the number of shares of Semnur Common Stock subject to such option, multiplied by the Exchange Ratio, and (z) the exercise price per share for each such share of New Semnur Common Stock shall be equal to the exercise price per share of such option in effect immediately prior to the Effective Time, divided by the Exchange Ratio (rounded up to the nearest full cent).

The “Exchange Ratio” means an amount equal to 1.25, being the amount equal to the quotient of (i) the number of shares constituting the Merger Consideration (as defined below), divided by (ii) 200,000,000, which represents the aggregate number of shares of Semnur Common Stock issued and outstanding as of the date of the Merger Agreement and shares of Semnur Common Stock issuable upon exercise of options to purchase Semnur Common Stock outstanding as of the date of the Merger Agreement.

The “Merger Consideration” is 250,000,000 shares of New Semnur Common Stock, which is equal to the quotient of (i) $2.5 billion divided by (ii) $10.00.**

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**The aggregate number of shares of New Semnur Series A Preferred Stock to be issued to the holders of Semnur Preferred Stock will be determined