Company: SMNR
Filing Date: 2025-03-20
Form Type: PRE 14A
Source: 0001213900-25-025610
Chunk: 25

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-20
Form: PRE 14A
Chunk 25
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 Sponsor, of an aggregate of 510,000 Private Placement Units (including 30,000 Private Placement Units purchased pursuant to the partial exercise by the underwriters of their over -allotmentoption) at a price of $10.00 per Private Placement Unit, generating gross proceeds of $5,100,000. Each Private Placement Unit consists of one Class A ordinary share (the “Private Placement Shares”) and one warrant. The terms and provisions of the warrants in the Private Placement Units (the “Private Placement Warrants”) are identical to the Public Warrants, except that, subject to certain limited exceptions, they are subject to transfer restrictions until 30 days following the consummation of an initial business combination. On April 11, 2022, a total of $84,150,000 of the net proceeds from the IPO and the Private Placement was deposited in a trust account established for the benefit of the Company’s public shareholders at a U.S. based trust account, with Wilmington Trust, National Association, acting as trustee. 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 with a maturity of 185 days or less, or in any open -endedinvestment company that holds itself out as a money market fund and meeting certain conditions under Rule 2a -7of the Investment Company Act, as determined by the Company. 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, we 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 -bearingbank deposit account until the earlier of (i) the completion of a Business Combination or (ii) the distribution of the funds in the trust account as described below. Interest on bank deposit accounts is variable and such accounts currently yield interest of approximately 4.5% per annum. On October 11, 2023, in connection with the approval of proposed amendments to the amended and restated memorandum and articles of association of the Company, shareholders holding 3,712,171 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, leaving 4,537,829 public shares outstanding. On July 10