Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 726

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 4
Chunk 726
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 that were made by us to our sponsor,
officers, directors or our or their affiliates.

In addition, in order to fund working capital deficiencies or finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of
our officers and directors may, but are not obligated to, loan us funds as may be required on a non-interest basis. If we complete our
initial business combination, we may repay such loaned amounts out of the proceeds held in the Trust Account released to us. In the event
that the initial business combination does not close, we may use a portion of the working capital held outside the Trust Account to repay
such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $10.00 per warrant at the option of the lender. The warrants would
be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. Except as set forth
above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. On April
11, 2023, we issued a convertible promissory note (the “Convertible Promissory Note”) in the total principal amount of up
to $825,000 to the sponsor. The Convertible Promissory Note was issued with an initial principal balance of $412,500, with the remaining
$412,500 drawable at our request prior to the maturity of the Convertible Promissory Note. On December 29, 2023, we issued an amended
and restated promissory note (the “Restated Note”) in the total principal amount of up to $1,000,000; on April 2, 2024, we
issued a second amended and restated promissory note (the “Second Restated Note”) in the total principal amount of up to $1,200,000.
As of December 31, 2024, the outstanding amount under the Working Capital Loans in the form of the Convertible Promissory Note issued
to our sponsor had exceeded this limit, reaching $1,408,200, resulting in an overdrawn position. To remediate this overdrawn balance,
on January 24, 2025, we issued a third amended and restated prom