Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 598

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 598
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ruptcy Court for the Southern District of Texas, jointly administered under the caption In re Sorrento Therapeutics, Inc., et al. (Case Number: 23-90085 (DRJ)). While Scilex was majority owned by Sorrento when the voluntary proceedings were commenced, Scilex is not a debtor in Sorrento’s voluntary Chapter 11 filing. As of September 21, 2023, Sorrento no longer held a majority of the voting power of Scilex’s outstanding capital stock entitled to vote. At the time of the Chapter 11 filing, Dr. Ji, who will serve as New Semnur’s Executive Chairperson and a member of the New Semnur Board, was and continues to serve as Chairman of the board of directors, President and Chief Executive Officer of Sorrento; Mr. Shah, who will serve as New Semnur’s Chief Executive Officer, was serving as a director as Sorrento and served as a director until November 2023; Dr. Wu, who will serve on the New Semnur Board, was serving as a director of Sorrento and served as a director until April 2024; and Mr. Followwill, who will serve on the New Semnur Board, was serving as a director of Sorrento and served as a director until April 2024. Semnur does not expect that such proceedings will have a material effect on the Business Combination or New Semnur. Composition of the New Semnur Board New Semnur’s business and affairs will be managed under the direction of the New Semnur Board. New Semnur anticipates that the New Semnur Board will consist of five members upon closing of the Business Combination. Dr. Ji will serve as Executive Chairperson of the New Semnur Board. The primary responsibilities of the New Semnur Board will be to provide oversight, strategic guidance, counseling and direction to New Semnur’s management. The New Semnur Board will meet on a regular basis and on an ad hocbasis as required. In accordance with the terms of the Proposed Charter and the Proposed Bylaws, each of which will become effective immediately prior to and upon the completion of the Business Combination, the New Semnur Board will be divided into three classes with staggered three-year terms, as follows:

| • |     | The Class I director will be Jay Chun, M.D., Ph.D. and such director’s term will expire at the annual