Company: SMNR
Filing Date: 2025-07-23
Form Type: S-4/A
Source: 0001193125-25-163401
Chunk: 250

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-07-23
Form: S-4/A
Chunk 250
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ited financial statements. Following the Business Combination, Denali expects that New Semnur will remain a smaller reporting company immediately as defined in Item 10(f)(1) of Regulation S -Kbecause New Semnur will have annual revenues of less than $100 million and is expected to have a public float of less than $700 million. Following the Business Combination, New Semnur will be a controlled company within the meaning of the Nasdaq Listing Rules and, as a result, if New Semnur’s Nasdaq listing application is approved, will qualify for, and may rely on, exemptions from certain corporate governance requirements. Stockholders of New Semnur may not have the same protection afforded to stockholders of companies that are subject to such governance requirements. After the Business Combination, Scilex will continue to control a majority of the voting power of the outstanding shares of New Semnur Common Stock. As a result, if New Semnur’s Nasdaq listing application is approved, New Semnur will be a “controlled company” within the meaning of the corporate governance standards of Nasdaq. Under these corporate governance standards, a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements. For example, controlled companies, within one year of the date of the listing of their common stock:

| • |     | are not required to have a board that is composed of a majority of “independent directors” as defined under the Nasdaq Listing Rules; |

| • |     | are not required to have a compensation committee that is composed entirely of independent directors or have a written charter addressing the committee’s purpose and responsibilities; and |

| • |     | are not required to have director nominations be made, or recommended to the full board of directors, by its independent directors or by a nominating and corporate governance committee that is composed entirely of independent directors, and to adopt a written charter or a board resolution addressing the nominations process. |

**While we do not presently intend to rely on these exemptions, New Semnur may opt to utilize these exemptions in the future as long as it remains a controlled company. Accordingly, New Semnur stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If New Semnur ceases to be a “controlled company” in the future