Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1842

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 12
Chunk 1842
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 selected
December 31 as its fiscal year end.

The
Company’s sponsor is Denali Capital Global Investments LLC, a Cayman Islands limited liability company (the “Sponsor”).

Financing

The
registration statement for the Company’s IPO became effective on April 6, 2022. On April 11, 2022, the Company consummated the
IPO of 8,250,000 units (including over-allotment of 750,000 units) (“Public Units”). Each Public Unit
consists of one Class A ordinary share, $0.0001 par value per share (such shares included in the Public Units, the “Public
Shares”), and one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof
to purchase one Public Share at an exercise price of $11.50 per share. The Public Units were sold at a price of $10.00 per
Public Unit, generating gross proceeds of $82,500,000, which is described in Note 3. Simultaneously with the closing of the IPO, the
Company consummated the sale of 510,000 units (including over-allotment of 30,000 units) (the “Private Placement
Units”) to the Sponsor at a price of $10.00 per Private Placement Unit in a private placement generating gross proceeds of
$5,100,000, which is described in Note 4. Transaction costs amounted to $5,105,315, consisting of $1,650,000 of underwriting fees,
$2,887,500 of deferred underwriters’ fees and $567,815 of other offering costs, and were all initially charged to shareholders’
equity.

Trust
Account

Following
the consummation of the IPO on April 11, 2022, a total of $84,150,000 of the net proceeds from the IPO and the sale of the Private
Placement Units was deposited in a trust account (the “Trust Account”). The net proceeds were invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as
a money market fund and meeting certain