Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1192

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 7A
Chunk 1192
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 were forfeited as the underwriters did not exercise
the over-allotment option on the remaining 375,000 Public Units. 

Prior
to the Company’s initial Business Combination, only holders of Class B ordinary shares will have the right to vote on the appointment
of directors and holders of a majority of the Company’s Class B ordinary shares may remove a member of the board of directors for
any reason. In addition, in a vote to continue the Company in a jurisdiction outside the Cayman Islands (which requires the approval
of at least two-thirds of the votes of all ordinary shares voted at a general meeting), holders of founder shares will have ten votes
for every founder share and holders of Class A ordinary shares will have one vote for every Class A ordinary share and, as a result,
the Company’s initial shareholders will be able to approve any such proposal without the vote of any other shareholder.

F-25

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

The
Class B ordinary shares will automatically convert into Class A ordinary shares on the consummation of the initial Business Combination
at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, approximately 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion
of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of
any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial Business Combination (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders), excluding
any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial Business Combination and any Private Placement Units issued to the Sponsor, its affiliates
or any member of the Company’s management team upon conversion of the Working Capital Loans. Any conversion of Class B ordinary
shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares
as a matter of Cayman Islands law. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less
than one-to-one. During a shareholders’ extraordinary general meeting held on October