Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 397

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 397
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 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 Company Stockholder Support Agreement.

Amended and Restated Registration Rights Agreement. The Merger Agreement contemplates that, at or prior to the Closing, Denali, Scilex, and our directors and officers, Huifeng Chang, Lei Huang, Jim Mao, You “Patrick” Sun and Kevin Vassily, will enter into the Registration Rights Agreement, which, among other things, will govern the registration of certain shares of New Semnur Common Stock for resale and be effective as of the Closing, and includes certain customary demand and “piggy-back” registration rights with respect to shares of New Semnur Common Stock held by the parties thereto. A maximum of 203,312,160 shares of New Semnur Common Stock will be subject to the Registration Rights Agreement.

Certain Compensation Arrangements. Under the Merger Agreement, Denali acknowledges certain compensation arrangements of New Semnur’s directors, officers and management team, which arrangements will become effective as of the Closing, subject to necessary approvals. For more information see “Semnur’s Executive Compensation—New Semnur Executive Officer Compensation Following the Business Combination” and “Semnur’s Director Compensation — New Semnur Director Compensation Following the Business Combination.”

Other Ancillary Agreements Related to the Business Combination

Contribution and Satisfaction of Indebtedness Agreement. Concurrently with the execution of the Merger Agreement, 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