Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 592

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 592
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nur 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 Shares, increases or decreases in the size of the New Semnur Board, the incurrence
of certain amounts of indebtedness and the payment of dividends on New Semnur Common Shares. In addition, the Stockholder Agreement provides
that New Semnur will be prohibited from taking certain actions without the consent of Oramed (but only until the date on which all payments
under the Oramed Note and all other obligations under the Oramed Note have been paid in full in cash (such date, the “Release Date”)).
The actions that require Oramed’s consent include, among other things, (i) amending certain agreements, including the Stockholder
Agreement, the Merger Agreement, New Semnur’s certificate of incorporation or bylaws, Semnur’s 2024 Stock Option Plan, the
Stockholder Support Agreement and the Debt Exchange Agreement, in each case that adversely affect the rights of capital stock held by
Scilex in New Semnur, (ii) approval of the issuance of capital stock of New Semnur that would result in Scilex holding less than 55%
of the outstanding shares or voting power of New Semnur, (iii) forming any subsidiary that is not wholly owned and controlled by New
Semnur, (iv) permitting any option grants to Scilex Insiders (as defined therein) pursuant to Semnur’s 2024 Stock Option Plan prior
to the execution of the Merger Agreement to be exercisable and (v) permitting certain compensation payments to Scilex Insiders (as defined
therein). 

During
the year ended December 31, 2024, the sponsor lent an aggregate of $580,737 to the Company resulting in the aggregate principal amount
of the Convertible Promissory Note and the Sponsor Extension Convertible Promissory Note being increased to $1,423,237. 

During
the year ended December 31, 2024, Scilex lent an aggregate of $75,292 to the Company resulting in the principal amount of the related