Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 260

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 260
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 Trust Account,
and we had $1,515,795 of cash held outside of the Trust Account, after payment of costs related to the IPO, and available for working
capital purposes. In connection with the IPO, we incurred $5,105,315 in transaction costs, consisting of $1,650,000 of underwriting fees,
$2,887,500 of deferred underwriting fees and $567,815 of other offering costs. As of December 31, 2024, we had investment held in the
Trust Account of $9,021,005. We intend to use substantially all of the remaining funds held in the Trust Account, including any amounts
representing interest earned on the Trust Account (less income taxes payable), to complete our business combination. To the extent that
our share capital or debt is used, in whole or in part, as consideration to complete a business combination, the remaining proceeds held
in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions
and pursue our growth strategies. 

As
of December 31, 2024, we had cash of $16,868 outside of the Trust Account. If we do not complete the proposed business combination, we
intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence
on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their
representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate
and complete a business combination. 

For finance transaction costs in connection with a business combination,
the sponsor or an affiliate of the sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may
be required (the “Working Capital Loans”). If we complete the initial business combination, we would repay such loaned amounts,
or at the lender’s discretion, up to $1.5 million of such Working Capital Loans may be convertible into units of the post business
combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units. In the event that the initial
business combination does not close, we may use a portion of the working capital held outside of the Trust Account to repay such loaned
amounts, but no proceeds from the Trust Account would be used for such repayment. On April 11, 2023