Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 356

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1C
Chunk 356
---
Item
1C. Cybersecurity.

We
are a special purpose acquisition company with no business operations. Since our IPO, our sole business activity has been identifying
and evaluating suitable acquisition transaction candidates. Therefore, we do not consider that we face significant cybersecurity risk
and have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity risk. Our board of directors
is generally responsible for the oversight of risks from cybersecurity threats, if there is any. We have not encountered any cybersecurity
incidents since our IPO.

Item
2. Properties.

We
do not own or lease any real estate or other physical properties materially important to our operation. We currently maintain our executive
offices at 437 Madison Avenue, 27th Floor, New York, New York 10022. We consider our current office space adequate for our current operations.

Item
3. Legal Proceedings.

To
the knowledge of our management, there is no material litigation, arbitration or governmental proceeding currently pending against us,
any of our officers or directors in their capacity as such, any of our property.

Item
4. Mine Safety Disclosures.

Not
applicable.

10

PART
II

Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market
Information

Our
units, Class A ordinary shares and warrants are each traded on The Nasdaq Stock Market LLC under the symbols “DECAU,” “DECA”
and “DECAW,” respectively. Our units commenced public trading on April 7, 2022, and our Class A ordinary shares and warrants
commenced separate public trading on May 31, 2022.

Holders

On
December 31, 2024, there were two holders of record of our units, one holder of record of our Class A ordinary shares, one holder of
record of our warrants, and seven holders of record of our Class B ordinary shares.

Dividends

We
have never declared or paid any dividends on our ordinary shares. We do not anticipate paying cash dividends in the foreseeable future.

Securities
Authorized for Issuance Under Equity Compensation Plans

None.

Recent
Sales of Unregistered Securities

In
February 2022, we issued an aggregate of 2,156,250 founder shares to our sponsor in exchange for a payment of $25,000 from our sponsor
to cover for certain expenses on behalf of us, or approximately $0.012 per share. The sponsor later transferred