Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 30

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 30
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 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. 

15

In
connection with the execution and delivery of the Merger Agreement, the sponsor and Scilex entered into a Sponsor Interest Purchase Agreement
(the “Sponsor Interest Purchase Agreement”) dated August 30, 2024 (the “Signing Date”). Pursuant to the Sponsor
Interest Purchase Agreement, 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 Sponsor Interest Purchase Agreement, 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. The Purchased Interests will convert automatically, on a