Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1685

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 10
Chunk 1685
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 2024. Until June 2024, there has been further deposit
of an aggregate of $300,000 into the Trust Account for extension from January 11, 2024 to July 11, 2024. However, on June 4, 2024,
to mitigate the risk of being deemed to have been operating as an unregistered investment company under the Investment Company Act, the
Company instructed Wilmington Trust, National Association, the trustee with respect to the Trust Account, to liquidate the U.S. government
securities or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in cash in an interest-bearing
bank deposit account until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the funds in
the Trust Account to the Company’s shareholders, as described below. Interest on bank deposit accounts is variable and such accounts
currently yield interest of approximately 3.5% per annum.

F-8

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

During
the shareholder’s meeting held on October 11, 2023, shareholders holding 3,712,171 public shares (after giving effect
to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s
Trust Account. As a result, approximately $40.5 million (approximately $10.92 per share) was removed from the Trust Account
to pay such holders. Following redemptions and through December 31, 2023, the Company had 4,537,829 public shares outstanding.

On July 10, 2024, the shareholders of the Company held an extraordinary
general meeting of shareholders to consider and vote upon a proposal to amend, by way of special resolution, the amended and restated
memorandum and articles of association of the Company to extend (the “extension”) the date by which the Company must: (i)
consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company
and one or more businesses or entities; (ii) cease its operations, except for the purpose of winding up, if it fails to complete such
initial business combination; and (iii) redeem 100% of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A ordinary shares”), included