Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 676

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 676
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No Cumulative Voting

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. The Proposed Charter will not authorize cumulative voting. Therefore, stockholders holding a majority of the shares of capital stock of New Semnur entitled to vote generally in the election of directors will be able to elect all of New Semnur’s directors.

Special Stockholder Meetings

The Proposed Charter will provide that special meetings of stockholders may only be called by order of the Chairman of the New Semnur Board, the New Semnur Board or the Chief Executive Officer; provided, however, that at any time prior to the Scilex Trigger Event, special meetings of New Semnur stockholders shall also be called by or at the direction of the New Semnur Board or the Chairman of the New Semnur Board at the request of Scilex, in each case subject to the rights of the holders of any series of New Semnur Preferred Stock with respect to such series of preferred stock. The Proposed Bylaws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers or changes in control or management.

Director Nominations and Stockholder Proposals

The Proposed Bylaws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the New Semnur Board or a committee of the New Semnur Board. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide New Semnur with certain information.

Generally, to be timely, a stockholder’s notice must be delivered to the secretary of New Semnur at New Semnur’s principal executive offices not earlier than the close of business on the 120th day nor later than the close of business on the 90th day prior to the first anniversary of the preceding year’s annual meeting (in the case of the first annual meeting of stockholders held after January 1, 2025, the date of the preceding year’s annual meeting of the stockholders shall be deemed to be June 30, 2024); provided, however, that, if the date of the annual meeting is advanced more than 30 days prior to or delayed by more than 60 days after