Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 941

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 6
Chunk 941
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prior to our initial business combination. Holders of our public shares will not have the right to appoint any directors to our board
of directors prior to our initial business combination. Because of this ownership block, our sponsor may be able to effectively influence
the outcome of all other matters requiring approval by our shareholders, including amendments to our amended and restated memorandum and
articles of association and approval of significant corporate transactions including our initial business combination.

Our
sponsor has agreed (a) to vote any founder shares and public shares held by it in favor of any proposed business combination and (b)
not to redeem any founder shares or public shares held by it in connection with a shareholder vote to approve a proposed initial business
combination.

Our
sponsor, our officers, our directors and US Tiger are deemed to be our “promoters” as such term is defined under the federal
securities laws.

Transfers
of Founder Shares and Private Placement Warrants

The
founder shares, Private Placement Units, Private Placement Shares, Private Placement Warrants and any Class A ordinary shares issued
upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the agreement entered
into by our sponsor and management team. Our sponsor and each member of our management team have agreed not to transfer, assign or sell
any of their founder shares until the earlier of (A) one year after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger,
share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary
shares for cash, securities or other property. The Private Placement Units and the securities within the units are not transferable,
assignable or salable until 30 days after the completion of our initial business combination. The foregoing restrictions are not applicable
to transfers (a) to our officers or directors, any affiliates or family members of any of our officers or directors, any members or partners
of our sponsor or their affiliates, any affiliates of our sponsor, or any employees of such affiliates; (b) in the