Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 683

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 683
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ur Related Parties”) have had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under the section of this proxy
statement/prospectus titled “Semnur’s Executive Compensation.”

Semnur’s Relationship with Scilex

Prior to the Business Combination, Semnur is a majority owned subsidiary of Scilex through Scilex’s direct subsidiaries, Scilex, Inc. and Scilex Bio.
Following the closing of the Business Combination, Scilex will continue to beneficially own a significant percentage of Semnur’s outstanding common stock. In connection with the Business Combination, Semnur and Scilex intend to enter into
certain agreements that relate to Semnur’s relationship with Scilex prior to the Business Combination or will provide a framework for its ongoing relationship with Scilex.

Debt Exchange Agreement and Related Matters

Concurrently with the execution of the Merger Agreement, on August 30, 2024 Scilex and Semnur entered into the Debt Exchange Agreement. The Debt Exchange
Agreement relates to the Outstanding Indebtedness, for certain loans and other amounts provided by Scilex to Semnur prior to the Closing. The Outstanding Indebtedness as of March 31, 2025 was $50,754,784, but will not exceed $60,000,000 as of
immediately prior to the Closing.

Pursuant to the Debt Exchange Agreement, Scilex agreed to contribute the Outstanding Indebtedness (as set forth in the
Debt Exchange Agreement) to Semnur in exchange for the issuance by Semnur to Scilex of Exchange Shares that are equal to (a) the sum of the aggregate amount of the Outstanding Indebtedness and the amount that is equal to 10% of such aggregate
amount of the Outstanding Indebtedness divided by (b) $11.00 (rounded up to the nearest whole share). Further, pursuant to the Debt Exchange Agreement, prior to the Contribution, Semnur agreed to file, with the Secretary of State of the State of
Delaware, a certificate of designations, in the form agreed in the Debt Exchange Agreement, to set forth the designations, powers, rights and preferences and qualifications, limitations and restrictions of the Series A Preferred Shares. Upon the
occurrence of the Contribution and issuance of the Series A Preferred Shares to Scilex, the Outstanding Indebtedness of Semn