Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 39

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 not complete a Business Combination
by September 11, 2025 (or as may be extended by a shareholder vote to further extend the time to consummate a business combination, as
applicable)(refer to Note 1), the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund
the redemption of the Company’s Class A ordinary shares (subject to the requirements of applicable law) and the Private Placement
Units and all underlying securities will expire worthless. The Private Placement Units will not be transferable, assignable, or saleable
until 30 days after the completion of an initial Business Combination, subject to certain exceptions.

NOTE
5 – RELATED PARTY TRANSACTIONS

Founder
Shares

On February 3, 2022, the Company issued an aggregate
of 2,156,250 founder shares to the Sponsor in exchange for a payment of $25,000 from the Sponsor for deferred
offering costs. In March 2022, the Sponsor transferred 20,000 founder shares to the Chief Financial Officer of the Company
and 110,000 founder shares to certain members of the Company’s board of directors. On May 23, 2022, 93,750 founder
shares were forfeited by the Sponsor as the underwriters did not exercise their over-allotment option on the remaining 375,000 Public
Units (see Note 6), resulting in the Sponsor holding a balance of 1,932,500 founder shares.

The founder
shares are identical to the Class A ordinary shares included in the units sold in the IPO, except that the founder shares will automatically
convert into Class A ordinary shares at the time of the Company’s initial Business Combination (see Note 7). Also,
the Sponsor and each member of the Company’s management team have entered into an agreement with the Company, pursuant
to which they have agreed to waive their redemption rights with respect to any founder shares and Public Shares held by them.

The Sponsor and the Company’s directors
and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earlier of (A) one year
after the completion of an initial Business Combination and (B) subsequent to the Company’s initial Business Combination, (x) if
the closing price of Class A ordinary shares equals or exceeds $12.00 per share (as