Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 66

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 66
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, and certain shareholders of Denali will have the right to require New Semnur, at New Semnur’s expense, to register New Semnur Common Stock that they hold on customary terms for a transaction of this type, including customary demand and piggyback registration rights. The Registration Rights Agreement will also provide that New Semnur will pay certain expenses of the electing holders |

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| relating to such registrations and indemnify them against certain liabilities that may arise under the Securities Act. See the section titled “Certain Relationships and Related Party Transactions — Certain Transactions of Denali.” |

| • |     | As a result of multiple business affiliations, Denali’s officers and directors may have legal obligations relating to presenting business opportunities to multiple entities. Furthermore, the Current Denali Charter provides that the doctrine of corporate opportunity will not apply with respect to any of Denali’s officers or directors in circumstances where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. Denali does not believe, however, that the fiduciary duties or contractual obligations of its officers or directors or waiver of corporate opportunity materially affected its search for a business combination. Denali’s management is not aware of any such corporate opportunities not being offered to Denali and does not believe the renouncement of its interest in any such corporate opportunities impacted its search for an acquisition target. |

| • |     | The exercise of Denali’s directors’ and officers’ discretion in agreeing to changes or waivers in the terms of the transaction may result in a conflict of interest when determining whether such changes or waivers are appropriate and in our shareholders’ best interest. |

| • |     | If the Business Combination is completed, Scilex will designate all members of the New Semnur Board. As such, in the future, such designees may receive cash fees, stock options or stock awards that the New Semnur Board determines to pay to its executive and non–executive directors. |

| • |     | Our Initial Shareholders, members of our management team or their respective affiliates, may receive reimbursement for any out–of–pocket expenses incurred by them in connection with activities conducted on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices or similar locations of prospective target businesses, including Semnur, to examine their operations. There is no limit on the amount of out–of–pocket expenses