Company: SMNR
Filing Date: 2025-06-11
Form Type: S-4/A
Source: 0001193125-25-139124
Chunk: 567

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-06-11
Form: S-4/A
Chunk 567
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 of New Semnur Common Stock, and (iii) subject to the approval of the Option Exchange Proposal, each option to purchase Semnur Common Stock that is outstanding as of immediately prior to the Effective Time shall be converted into the right to receive a New Semnur Option except that (x) such New Semnur Option shall relate to that whole number of shares of New Semnur Common Stock (rounded down to the nearest whole share) equal to the number of shares of Semnur Common Stock subject to such option, multiplied by the Exchange Ratio, and (y) the exercise price per share for each such share of New Semnur Common Stock shall be equal to the exercise price per share of such option in effect immediately prior to the Effective Time, divided by the Exchange Ratio (rounded up to the nearest whole cent).

The estimated Merger Consideration to be transferred to Semnur stockholders and holders of Semnur stock options (assuming approval of the Option Exchange Proposal) at Closing is 250,000,000 shares of New Semnur Common Stock, which is equal to the quotient of (i) $2.5 billion divided by (ii) $10.00.**

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Shares of Semnur Common Stock and Semnur stock options are converted to shares of New Semnur Common Stock based on the “Exchange Ratio,” which means an amount equal to 1.25, being the amount equal to the quotient of (a) the number of shares constituting the Merger Consideration, divided by (b) 200,000,000 (which represents the aggregate number of shares of Semnur Common Stock and outstanding options to purchase shares of Semnur Common stock as of the date of the Merger Agreement). At the Effective Time, 200,000,000 shares of New Semnur Common Stock are estimated to be issued to Scilex (and its affiliate, Scilex Bio), as Semnur’s controlling stockholder, which will occur under all the redemption scenarios. The remaining, 50,000,000 shares of New Semnur Common Stock constituting a portion of the Merger Consideration, will be reserved for the holders of options to purchase Semnur Common Stock.

Concurrently with the execution of the Merger Agreement, Scilex and Semnur entered into the Debt Exchange Agreement, pursuant to which Scilex shall contribute to Semnur all amounts (including accrued and unpaid interest there