Company: SMNR
Filing Date: 2025-07-02
Form Type: S-4/A
Source: 0001193125-25-154936
Chunk: 578

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-02
Form: S-4/A
Chunk 578
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ilex Shares. Pursuant to the SIPA, Scilex has paid the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the Sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one basis, into one New Semnur Common Stock at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

As described elsewhere in this proxy statement/prospectus, at the Effective Time, each share of Semnur Preferred Stock issued and outstanding immediately prior to the Effective Time shall be automatically converted into the right to receive, without interest, one share of New Semnur Series A Preferred Stock and one-tenth of one share of New Semnur Common Stock. As of March 31, 2025, the Aggregate Outstanding Amount was 50,754,784. Accordingly, the aggregate number of shares of Semnur Preferred Stock issued to Scilex prior to the Effective Time pursuant to the Debt Exchange Agreement would be approximately 5,075,478 shares and then at the Effective Time such shares would be exchanged for 5,075,478 shares of New Semnur Series A Preferred Stock and 507,548 shares of New Semnur Common Stock.

Prior to the Effective Time, Denali shall cause the Domestication to become effective, upon which each Denali Class A Ordinary Share and Class B Ordinary Share will convert automatically, on a one-for-one basis, into one share of New Semnur Common Stock.

Each of the then-outstanding Public Warrants and Denali Private Placement Warrants will become exercisable at $11.50 per share, subject to adjustment, on the later of 30 days after the first date on which Denali completes the Business Combination or the date that is 12 months from the date of the closing of the IPO; provided in each case that New Semnur has an effective registration statement under the Securities Act covering the issuance of the New Semnur Common Stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or New Semnur permits holders to exercise their warrants on a cashless basis under the circumstances specified in the Warrant Agreement between VStock, as warrant agent, and Denali). The Warrants will expire at 5:00 p.m., New York City time, five years after the consummation of the Business Combination or earlier upon redemption or liquidation. On the exercise of