Company: SMNR
Filing Date: 2025-04-21
Form Type: S-4/A
Source: 0001193125-25-087342
Chunk: 393

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-21
Form: S-4/A
Chunk 393
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 is designed to assure the continuity and stability of the Denali Board’s leadership and policies by ensuring that at any given time a majority of the directors will have prior experience with Denali and, therefore, will be familiar with its business and operations. The Denali Board also believes that this classification will assist the Denali Board in protecting the interests of our stockholders in the event of an unsolicited offer to the Denali Board by encouraging any potential acquirer to negotiate directly with the Denali Board. |

| • |     | The Denali Board believes that the supermajority voting requirements are appropriate to protect all stockholders of Denali against the potential self-interested actions by one or a few large stockholders after the Business Combination, at such time as the Scilex Group first ceases to beneficially own more than 50% in voting power of the then-outstanding shares of stock of New Semnur entitled to vote generally in the election of directors. In reaching this conclusion, the Denali Board is cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of shares of common stock following the Business Combination, particularly after the Scilex Trigger Event. The Denali Board further believes that going forward, if, and after, the Scilex Trigger Event, a supermajority voting requirement encourages the person seeking control of Denali to negotiate with the Denali Board to reach terms that are appropriate for all stockholders. |

| • |     | The Denali Board believes that it is desirable to prohibit, from and after the Scilex Trigger Event, stockholder action by written consent as a prudent corporate governance measure to reduce the possibility that a block of stockholders could take corporate actions without the benefit of a stockholder meeting to consider important corporate issues. |

| • |     | The Denali Board believes that the Proposed Charter is appropriate to adequately update the Current Charter for the post-Business Combination company, because it will eliminate obsolete language that will no longer be applicable following the consummation of the Business Combination and make such other changes that are more appropriate for a public operating company. |

**Vote Required for Approval The approval of the Charter Approval Proposal requires a special resolution under Cayman Islands law, being the affirmative vote of holders of at least two-thirds(2/3) of the issued and outstanding Denali Ordinary Shares present in person or represented by proxy and entitled to vote thereon and who vote at the Meeting or any adjournment or postponement thereof. Abst