Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 52

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 52
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 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 New Semnur Certificate of Designations, 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 Stock. 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). The actions that require Oramed’s consent include, among other things, (i) amending certain agreements, (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). For more information on the terms of the New Semnur Series A Preferred Stock, see the section titled “ Description of New Semnur Securities — New Semnur Preferred Stock Following the Business Combination” and the section titled “ Certain Relationships and Related Party Transactions — Certain Transactions of Denali — Stockholder Agreement with Scilex” .

| Q: | When is the Business Combination expected to occur? |

For a description of the conditions to the completion of the Business Combination, see the section titled “ The Merger Agreement — Closing Conditions.”

| Q: | What happens if the Business Combination is not consummated? |

| A: | If Denali does not consummate a business combination by December 11, 2025, it will trigger its automatic winding up, dissolution and liquidation pursuant to the terms of the Current Denali Charter. As a result, this has the same effect as if Denali had formally gone through a voluntary liquidation procedure under the laws of the Cayman Islands. Accordingly, no vote would be required from Denali’s shareholders to commence such a voluntary winding up, dissolution and liquidation. If Denali