Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 652

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 652
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 summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of New Semnur. These provisions are expected to discourage coercive takeover practices and
inadequate takeover bids. These provisions are also designed, in part, to encourage persons seeking to acquire control of New Semnur to first negotiate with the New Semnur Board. However, these provisions could have the effect of delaying,
discouraging or preventing attempts to acquire New Semnur, which could deprive New Semnur’s stockholders of opportunities to sell their shares of New Semnur Common Stock at prices higher than prevailing market prices.

Authorized but Unissued Capital Stock

The
authorized but unissued shares of New Semnur Common Stock and New Semnur Preferred Stock are available for future issuance without stockholder approval, subject to any limitations imposed by the rules of the Nasdaq Listing Rules. These additional
shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved New Semnur Common Stock and New Semnur Preferred Stock could make more difficult or
discourage an attempt to obtain control of New Semnur by means of a proxy contest, tender offer, merger or otherwise.

Classified Board of Directors

The Proposed Charter will provide that the New Semnur Board will be divided into three classes, with the classes as nearly equal in
number as practical and each class serving three-year staggered terms. The directors in each class will serve for a three-year term (other than the directors initially assigned to Class I whose term shall expire at the first annual meeting of
stockholders following the closing of the Business Combination and those assigned to Class II whose term shall expire to the second annual meeting of stockholders following the closing of the Business Combination), with one class being elected
each year by the stockholders. This system of electing and removing directors may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of New Semnur, because it generally makes it more difficult for
stockholders to replace a majority

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of the directors. See the section of this proxy statement/prospectus titled “Directors and Executive Officers of New Semnur After the Business Combination” for more information
on the classified board.

The Proposed Charter will also provide that the total number of directors shall be determined from time to time exclusively by
the New Semnur Board; provided that, at any