Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 13

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 are identical to the Public Shares, and holders of founder shares
have the same shareholder rights as Public Shareholders, except that (i) prior to the Company’s initial Business Combination, only
holders of the founder shares have the right to vote on the appointment of directors, including in connection with the completion of the
Company’s initial Business Combination, and holders of a majority of the founder shares may remove a member of the board of directors
for any reason, (ii) the founder shares are subject to certain transfer restrictions, as described in more detail below, (iii) the Company’s
initial shareholders have entered into an agreement with the Company, pursuant to which they have agreed to (A) waive their redemption
rights with respect to their founder shares and Public Shares in connection with the completion of the Company’s initial Business
Combination, (B) waive their redemption rights with respect to their founder shares and Public Shares in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated memorandum and articles of association that would affect the
substance or timing of the Company’s obligation to provide for the redemption of the Company’s Public Shares in connection
with an initial Business Combination or to redeem 100% of the Company’s Public Shares if the Company has not consummated an
initial Business Combination by April 11, 2025 (or as may be extended by a shareholder vote to further extend the time to consummate a
business combination, as applicable), and (C) waive their rights to liquidating distributions from the Trust Account with respect to their
founder shares if the Company fails to complete its initial Business Combination by April 11, 2025 (or as may be extended by a shareholder
vote to further extend the time to consummate a business combination, as applicable), although they will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares they hold if the Company fails to complete its initial Business Combination within
the prescribed time frame, (iv) the founder shares will automatically convert into Public Shares concurrently with or immediately following
the consummation of the Company’s initial Business Combination, or earlier at the option of the holder thereof, and (v) the founder
shares are entitled to registration rights. If the Company submits its initial Business Combination to its Public Shareholders for a vote,
the Sponsor and each member of the Company’s management team have agreed to vote their Founder Shares and Public Shares in favor
of the Company’s initial Business Combination. During