Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 14

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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4, pursuant to Section 11.1(a)
of the Longevity Merger Agreement, the parties entered into a termination agreement (the “Termination Agreement”) pursuant
to which the Longevity Merger Agreement was terminated effective as of the date of the Termination Agreement (the “Termination”).

As a result of the Termination Agreement, the
Longevity Merger Agreement is of no further force and effect (other than certain customary limited provisions that survive the termination
pursuant to the terms of the Longevity Merger Agreement) and ancillary agreements entered into in connection with the Longevity Merger
Agreement also automatically terminated in accordance with their respective terms. As a result of the termination of the Longevity Merger
Agreement, Holdco filed the Registration Withdrawal Request on Form RW on August 9, 2024, to withdraw its registration statement on Form
S-4, as amended, initially filed with the SEC on March 29, 2023.

Merger Agreement – Semnur

On August 30, 2024, the Company entered into an
agreement and plan of merger (the “Merger Agreement”) with Semnur Pharmaceuticals, Inc. (“Semnur”), a Delaware
corporation and wholly owned subsidiary of Scilex Holding Company (“Scilex”), and Denali Merger Sub Inc., a Delaware corporation
and wholly owned subsidiary of the Company (“Merger Sub”). The term “New Semnur” is used to refer to the Company
after completion of the transactions contemplated by the Merger Agreement.

Subject to the terms and conditions set forth
in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s equity holders will be an amount
equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in New Semnur Common Shares. In accordance with
the terms and subject to the conditions of the Merger Agreement, following the Company’s deregistering as a Cayman Islands exempted
company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (the “Domestication”)
and at the effective time of the Merger (the “Effective Time”): (i) each share of common stock of Semnur issued and outstanding
immediately prior to the Effective Time will be automatically converted into the right to receive, without interest, a