Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 43

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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will be able to approve any such proposal without the vote of any other shareholder.

The Class B ordinary shares will automatically
convert into Class A ordinary shares on the consummation of the initial Business Combination at a ratio such that the number of Class
A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, approximately 20%
of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the IPO, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued
or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (after giving
effect to any redemptions of Class A ordinary shares by Public Shareholders), excluding any Class A ordinary shares or equity-linked securities
exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business
Combination and any Private Placement Units issued to the Sponsor, its affiliates or any member of the Company’s management team
upon conversion of the Working Capital Loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory
redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In no event will the
Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. During a shareholders’ extraordinary
general meeting held on October 11, 2023, a proposal was approved that Class A ordinary shares will be issued to holders of Class B ordinary
shares upon the exercise of the right of a holder of the Company’s Class B ordinary shares, par value $0.0001 per share, to
convert such holder’s Class B ordinary shares into Class A ordinary shares on a one-for-one basis at any time and from time to time
prior to the closing of an initial business combination at the election of the holder (the “Founder Share Amendment”). 

Warrants

All warrants
(Public Warrants and Private Warrants) will become exercisable at $11.50 per share, subject to adjustment, on the later of 30 days
after the completion of the initial Business Combination or 12 months from the closing of the IPO; provided in each case that the Company
has an effective registration statement under the