Company: SMNR
Filing Date: 2025-08-12
Form Type: S-4/A
Source: 0001193125-25-178821
Chunk: 406

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-12
Form: S-4/A
Chunk 406
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 supermajority voting requirements are appropriate to protect all stockholders of Denali against the potential self-interested actions by one or a few large stockholders after the Business Combination, at such time as the Scilex Group first ceases to beneficially own more than 50% in voting power of the then-outstanding shares of stock of New Semnur entitled to vote generally in the election of directors. In reaching this conclusion, the Denali Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common stock following the Business Combination, particularly after the Scilex Trigger Event. The Denali Board further believes that going forward, if, and after, the Scilex Trigger Event, a supermajority voting requirement encourages the person seeking control of Denali to negotiate with the Denali Board to reach terms that are appropriate for all stockholders. |

| • |     | The Denali Board believes that it is desirable to prohibit, from and after the Scilex Trigger Event, stockholder action by written consent as a prudent corporate governance measure to reduce the possibility that a block of stockholders could take corporate actions without the benefit of a stockholder meeting to consider important corporate issues. |

| • |     | The Denali Board believes that the Proposed Charter is appropriate to adequately update the Current Charter for the post-Business Combination company, because it will eliminate obsolete language that will no longer be applicable following the consummation of the Business Combination and make such other changes that are more appropriate for a public operating company. |

**Vote Required for Approval The approval of the Charter Approval Proposal requires a special resolution under Cayman Islands law, being the affirmative vote of holders of at least two-thirds(2/3) of the issued and outstanding Denali Ordinary Shares present in person or represented by proxy and entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. Abstentions and broker non-votes,while considered present for the purposes of establishing a quorum, will not count as votes at the Meeting, and otherwise will have no effect on the proposal. The Charter Approval Proposal is conditioned on the approval (or waiver) of each of the other Condition Precedent Proposals. Resolution to be Voted Upon The full text of the resolution to be passed is as follows: “RESOLVED, AS A SPECIAL RESOLUTION THAT, in connection with the change of the domicile of Denali pursuant to a transfer by way of continuation