Company: SMNR
Filing Date: 2025-08-22
Form Type: 425
Source: 0001213900-25-079506
Chunk: 2

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-22
Form: 425
Chunk 2
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 following the closing of the Business Combination, Semnur will cause to be deposited into an escrow account an aggregate of 12,000,000 shares of New Semnur common stock beneficially owned by its parent company, Scilex Holding Company, pursuant to the terms of a Securities Escrow Agreement to be entered into by Semnur, the Purchaser and an escrow agent.

The Purchase Agreement contains customary representations, warranties, and covenants of the parties thereto. The Purchase Agreement may be terminated under certain circumstances, including if the closing of the PIPE Financing has not occurred on or before December 31, 2025.

The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The information regarding the Purchase Agreement and the PIPE Financing set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.

The PIPE Shares to be issued in the PIPE Financing will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D promulgated thereunder. The Company will rely on this exemption from registration based in part on representations made by the Purchaser in the Purchase Agreement, including that the Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D and is acquiring the securities for investment purposes and not with a view to distribution. The offering of the PIPE Shares was not a public offering and was not accompanied by any general solicitation or advertising. The PIPE Shares will be restricted securities and subject to transfer restrictions.

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Additional Information and Where to Find It

In connection with the Business Combination, the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which included a preliminary proxy statement/prospectus as well as other relevant information concerning the Business Combination. The SEC declared the Registration Statement effective on August 12, 2025, and the Company filed a definitive proxy statement/prospectus with the SEC on August