Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 861

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 5
Chunk 861
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action by written consent), or cause to be voted at any such meeting of Semnur’s stockholders (or validly execute and return and
cause such consent to be granted with respect to), all of its shares of Semnur common stock against any other action that would reasonably
be expected to (a) impede, interfere with, frustrate, delay, postpone or adversely affect the Business Combination, (b) result in a breach
of any covenant, representation or warranty or other obligation or agreement of Semnur under the Merger Agreement or (c) result in a
breach of any covenant, representation or warranty or other obligation or agreement of Scilex contained in the Stockholder Support Agreement.

Sponsor
Interest Purchase Agreement

In
connection with the execution and delivery of the Merger Agreement, the Sponsor and Scilex entered into a Sponsor Interest Purchase Agreement
(the “SIPA”) dated August 30, 2024 (the “Signing Date”). Pursuant to the SIPA, Scilex agreed to purchase 500,000
Class B ordinary shares, par value $0.0001 per share (the “Purchased Interests”), of the Company that are currently held
by the Sponsor. The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) $2,000,000 (the “Cash
Consideration”) and (ii) 300,000 shares of common stock, par value $0.0001 per share, of Scilex (the “Scilex Shares”).
Pursuant to the SIPA, Scilex has paid the Cash Consideration on the Signing Date and has agreed to issue the Scilex Shares to the Sponsor
contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically, on a one-for-one
basis, into one New Semnur Common Share at the effective time of the Domestication pursuant to the terms of the Merger Agreement.

Amended
and Restated Registration Rights Agreement

The
Merger Agreement contemplates that, at or prior to the closing of the Merger, the Company and Scilex will enter into an amended and restated
registration rights agreement (the “Registration Rights Agreement”), which, among other things, will govern the registration
of certain New Semnur Common Shares for resale and be effective as of the closing of the Merger.

F-13

Denali
Capital Acquisition