Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1189

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1189
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 the post-business combination entity at a price of $10.00 per unit. On April 11, 2023,
the Company issued the Convertible Promissory Note in the total principal amount of up to $825,000 to the Sponsor. The Convertible
Promissory Note bears an interest accruing on the unpaid and outstanding total principal amount at the lowest short-term Applicable Federal
Rate as in effect on the date thereof and is payable in arrears on the Maturity Date. Interest will be calculated on the basis of a 365-day
year and the actual number of days elapsed, to the extent permitted by applicable law. The Convertible Promissory Note was issued with
an initial principal balance of $412,500. The Sponsor has further lent loans in the aggregate amount of $430,000 on July 18, 2023,
October 12, 2023 and December 29, 2023. On December 29, 2023 the Company and Sponsor agreed that, in addition to the Initial Principal
Amount, the Company may request an additional aggregate amount of up to $157,500, which may be drawn down in one or more tranches at any
time prior to the Maturity Date, raising the total limit up to $1,000,000. On April 2, 2024, the Company and Sponsor agreed that, in addition
to the Initial Principal Amount, the Company may request an additional aggregate amount of up to $186,800, which may be drawn down in
one or more tranches at any time prior to the Maturity Date raising the total limit up to $1,200,000. On January 24, 2025, the Company
and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional aggregate amount of up to
$591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the total limit up to $2,000,000.
The Sponsor further lent an aggregate of $565,700 to the Company against the Convertible Promissory Note during the year ended December
31, 2024. As of December 31, 2024, there was an amount of $1,408,200 outstanding under Working Capital Loans in the form of the Convertible
Promissory Note issued to Sponsor. Further, an amount of $74,555