Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 90

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 registration of certain New Semnur Common Shares for resale and be effective
as of the closing of the Merger.   

The Merger Agreement contemplates
that, at or prior to the closing of the Merger, the Company and Scilex will enter into an amended and restated registration rights agreement
(the “Registration Rights Agreement”), which, among other things, will govern the registration of certain New Semnur Common
Shares for resale and be effective as of the closing of the Merger.  

Concurrently with the execution
of the Merger Agreement, the Company entered into a Stockholder Agreement with Scilex (the “Stockholder Agreement”). Pursuant
to the Stockholder Agreement, from and after the Effective Time, and for so long as Scilex beneficially owns any New Semnur Preferred
Shares, among other things, (i) Scilex shall have the right, but not the obligation, to designate each director to be nominated, elected
or appointed to the Board of Directors of New Semnur (“New Semnur Board”) (each, a “Stockholder Designee” and
collectively, the “Stockholder Designees”), regardless of (i) whether such Stockholder Designee is to be elected to the New
Semnur Board at a meeting of stockholders called for the purpose of electing directors (or by consent in lieu of meeting) or appointed
by the New Semnur Board in order to fill any vacancy created by the departure of any director or increase in the authorized number of
members of the New Semnur Board, or (ii) the size of the New Semnur Board, and New Semnur will be required to take all actions reasonably
necessary, and not otherwise prohibited by applicable law, to cause each Stockholder Designee to be so nominated, elected or appointed
to the New Semnur Board as more fully described in the Stockholder Agreement. Scilex shall also have the right to designate a replacement
director for any Stockholder Designee that has been removed from the New Semnur Board and the right to appoint a representative of Scilex
to attend all meetings of the committees of the New Semnur Board. The Stockholder Agreement also provides that New Semnur will be prohibited
from taking certain actions without the consent of Scilex. Such actions include, among other things, amendments to the certificate of
designations designating the New Semnur Preferred