Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 22

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 the
total limit up to $2,000,000. 

On July 10, 2024, the Company issued Convertible
Promissory Note 2 in the total principal amount of up to $180,000 to Sponsor. The Convertible Promissory Note 2 was issued with an initial
principal balance of $15,037, with the remaining $164,963 drawable at the Company’s request
and upon the consent of the Sponsor prior to the maturity of the Convertible Promissory Note 2.

As of December 31, 2024, the outstanding amount
under the Working Capital Loans in the form of the Convertible Promissory Note 1 issued to the Sponsor had exceeded the limit of $1,200,000,
reaching $1,408,200, resulting in an overdrawn position. To remediate this overdrawn balance, on January 24, 2025, the Company issued
a third amended and restated promissory note (the “Third Restated Note”) to amend and restate Convertible Promissory Note
1, increasing the total principal amount to $2,000,000. 

As of March 31, 2025, there was an amount of $1,408,200
and $115,037 outstanding under Working Capital Loans in the form of the Convertible Promissory Note 1 and 2, respectively, issued
to the Sponsor.

On July 11, 2023, the Company issued a convertible
note (“FutureTech Convertible Promissory Note”) in the total principal amount of $825,000 to FutureTech Capital LLC (“FutureTech”)
and 100% of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business
combination. On October 11, 2023, the Company issued another convertible promissory note in the total principal amount of up to $450,000 to
FutureTech. The Convertible Promissory Note was issued with an initial principal balance of $50,000, with the remaining $400,000 drawable
at the Company’s request and upon the consent of FutureTech prior to the maturity of the Convertible Promissory Note. Consequently,
$400,000 of such amount has been utilized to fund the required payment in order to extend the period of time to consummate a business
combination from October 11,