Company: SMNR
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001193125-25-179226
Chunk: 398

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 398
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 Current Denali Charter, there shall be a board of directors consisting of not less than one person; provided, however, that Denali may, by ordinary resolution, increase or reduce the limits in the number of 
 directors.                                                                                                                                                                                                                     |     | The Proposed Charter provides that subject to the rights of any holders of preferred stock to elect directors, the number of directors that shall constitute the New Semnur Board shall be as determined from time to time exclusively 
 by the New Semnur Board, except that until such time as the Scilex Trigger Event occurs, the stockholders of New Semnur shall be permitted to fix the number of directors.                                                             |
| Advisory Proposal C — Required Vote for the Removal of    
 Directors                                                 |     | Prior to the closing of the initial business combination, directors can be removed by simple                                                                                                                                   |     | The Proposed Charter provides that directors may be removed at any time, with or without cause by                                                                                                                                      |

240

| Advisory Governing Documents Proposal                                  |     | Current Denali Charter                                                                                                                                                                                                                           |     | Proposed Charter                                                                                                                                                                                                                                   |
|                                                                        |     | majority of the holders of Denali Class B Ordinary Shares at a general meeting or by a unanimous written resolution passed by all of the holders of Denali Class B Ordinary Shares.                                                              |     | the affirmative vote of the holders of a majority of voting power of the then-outstanding shares of stock of New Semnur entitled to vote generally in the election of such directors; provided, however, that, from and after the Scilex           
 Trigger Event any such director or all such directors may be removed only for cause and only by the affirmative vote of the holders of at least 66 2/3% of the voting power of all then-outstanding shares of stock of New Semnur entitled to vote 
 thereon, voting together as a single class.                                                                                                                                                                                                        |
| Advisory Proposal D — Required Vote to Amend Certain Provisions of the 
 Proposed Charter                                                       |     | Under the Current Denali Charter, subject to applicable law and the provisions of the Current Denali Charter in regards to matters to be                                                                                                         
 dealt with by ordinary resolution, Denali may, by special resolution, alter or add to the Current Denali Charter.                                                                                                                                
 Under the Current Denali Charter, article 29.1 (providing for the appointment or removal of the directors by ordinary resolution of the holders of Denali                                                                                        
 Class B Ordinary Shares at a general meeting)