Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 240

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 240
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 and New Semnur does not expect to pay cash dividends in the foreseeable future. Any return on investment may be limited to the capital appreciation, if any, of New Semnur Common Stock. Semnur has not paid cash dividends on its common stock and New Semnur does not anticipate paying cash dividends on its common stock in the foreseeable future. The payment of dividends on New Semnur’s capital stock will depend on its earnings, financial condition and other business and economic factors affecting New Semnur at such time as its board of directors may consider relevant. In addition, New Semnur’s ability to pay dividends may be limited by covenants in future outstanding indebtedness that New Semnur or its subsidiaries may incur. Since New Semnur does not intend to pay dividends, a stockholder’s ability to receive a return on 132

such stockholder’s investment will depend on any future appreciation in the market value of its common stock. There is no guarantee that New Semnur Common Stock will appreciate or even maintain the price at which its stockholders have purchased it. Future sales, or the perception of future sales, of a substantial number of shares of New Semnur Common Stock may cause the price of the common stock to decline. If New Semnur’s existing stockholders sell, or indicate an intention to sell, substantial amounts of the New Semnur Common Stock after the closing of the Business Combination, the trading price of the New Semnur Common Stock could decline and it could impair New Semnur’s ability to raise capital through the sale of additional equity securities. The Sponsor is subject to lock-upprovisions that restrict its ability to transfer shares of New Semnur Common Stock or any security convertible into or exercisable or exchanged for New Semnur Common Stock until one year from the Effective Time, subject to certain exceptions. This registration statement also covers the resale of up to 201,118,000 shares of New Semnur Common Stock. Except for certain transfer restrictions imposed by any existing and future outstanding indebtedness of the Selling Stockholders, the holders of these shares are not subject to any contract restrictions with respect to the transfer or sale of the New Semnur Common Stock they will hold upon completion of the Business Combination. Any future resale by such stockholders could have the effect of increasing the volatility in the price of New Semnur securities or putting significant downward pressure on the price of New Semnur securities. New Semnur’s operating results may fluctuate significantly.