Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 713

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 713
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, if so requested by the chair of the committee, participate in some or all of the committee’s discussions of the related party transaction. Upon completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.

Certain Transactions of Semnur

The following is a summary of transactions since January 1, 2022 and any currently proposed transactions to which Semnur was or is to be a participant in which the amount involved exceeded or will exceed $120,000, and in which any of Semnur’s directors, executive officers or, to Semnur’s knowledge, beneficial owners of more than 5% of Semnur’s capital stock, or their immediate family members (collectively, the “Semnur Related Parties”) have had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under the section of this proxy statement/prospectus titled “Semnur’s Executive Compensation.”

Semnur’s Relationship with Scilex

Prior to the Business Combination, Semnur is a majority owned subsidiary of Scilex through Scilex’s direct subsidiaries, Scilex, Inc. and Scilex Bio. Following the closing of the Business Combination, Scilex will continue to beneficially own a significant percentage of Semnur’s outstanding common stock. In connection with the Business Combination, Semnur and Scilex intend to enter into certain agreements that relate to Semnur’s relationship with Scilex prior to the Business Combination or will provide a framework for its ongoing relationship with Scilex.

Debt Exchange Agreement and Related Matters

Concurrently with the execution of the Merger Agreement, on August 30, 2024 Scilex and Semnur entered into the Debt Exchange Agreement. The Debt Exchange Agreement relates to the Outstanding Indebtedness, for certain loans and other amounts provided by Scilex to Semnur prior to the Closing. The Outstanding Indebtedness as of March 31, 2025 was $50,754,784, but will not exceed $60,000,000 as of immediately prior to the Closing.

Pursuant to the Debt Exchange Agreement, Scilex agreed to contribute the Outstanding Indebtedness (as set forth in the Debt Exchange Agreement) to Semnur in exchange for the issuance by Semnur to Scilex of Exchange Shares that are equal to (a) the sum of the aggregate amount of the Outstanding Indeb