Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 223

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 223
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 “Scilex, as the holder of New Semnur Series A Preferred Stock, will have rights, preferences and privileges that are not held by, and are preferential to, the rights of holders of New Semnur Common Stock.”

Furthermore, the interests of Scilex may not be aligned with those of other New Semnur stockholders and this could lead to actions that
may not be in the best interests of our other stockholders. For example, Scilex may have different tax positions or strategic plans for New Semnur, which could influence its decisions regarding whether and when New Semnur should dispose of assets or
incur new or refinance existing indebtedness. Additionally, Scilex’s significant ownership in New Semnur may discourage someone from making a significant equity investment in New Semnur, or could discourage transactions involving a change in
control.

In addition, Scilex and its affiliates engage in a broad spectrum of activities, including investments in our industry generally. In the
ordinary course of their business activities, Scilex and its affiliates may engage in activities where their interests conflict with our interests or those of New Semnur’s other stockholders, such as investing in or advising businesses that
directly or indirectly compete with certain portions of New Semnur’s business or those businesses that are suppliers or customers of ours. The Proposed Charter will provide that, to the fullest extent permitted by law, none of Scilex and its
affiliates and any person or entity who, while a stockholder, director, officer or agent of us or any of our affiliates, is a director, officer, principal, partner, member, manager, employee, agent and/or other representative of Scilex and its
affiliates (each an “Identified Person”) will have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar business activities or lines of business in which we or our affiliates are engaged or that
are deemed to be competing with us or any of our affiliates or (ii) otherwise investing in or providing services to any person that competes with us or our affiliates engaging, directly or indirectly, in the same or similar business activities
or lines of business in which we operate. In addition, to the fullest extent permitted by law, no Identified Person will have any obligation to offer us or our subsidiaries or affiliates the right to participate in any corporate opportunity in the
same or similar business activities or lines of business in which we or our