Company: SMNR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001013762-25-003461
Chunk: 28

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 28
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enny stock,” these disclosure requirements may have the effect of reducing the trading activity in the secondary market for the Company’s securities. If the Class A ordinary shares are subject to the “penny stock” rules, the holders of our securities may find it more difficult to sell their securities. This may also result in us no longer being an attractive merger partner if our securities are no longer listed on an exchange, which may impact our ability to complete the business combination with Semnur. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If the Company’s securities are no longer listed on Nasdaq, they would not qualify as “covered securities” under such statute and the Company would be subject to regulation in each state in which it offers its securities. As we have not registered our securities in any state and do not currently plan to undertake such registrations, this could further restrict the liquidity of our securities. 17 BACKGROUND General We are a blank check company incorporated on January 5, 2022 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the “Business Combination”). We have neither engaged in any operations nor generated any revenue to date. Based on our business activities, we are a “shell company” as defined under the Exchange Act because we have no operations and nominal assets consisting almost entirely of cash. On April 11, 2022, we consummated our IPO of 8,250,000 units, which included 750,000 Public Units issued pursuant to the partial exercise by the underwriters of their over -allotmentoption, each Public Unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (the “public shares”) and one redeemable warrant (each, a “Public Warrant”), each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share. The Public Units were sold at a price of $10.00 per Public Unit, and the IPO generated gross proceeds of $82,500,000. Simultaneously with the closing of the IPO, we consummated the Private Placement with our Sponsor, of an aggregate of 510,000 Private Placement Units (including 30,000 Private Placement