Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1801

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 11
Chunk 1801
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Warrants

All
warrants (Public Warrants and Private Warrants) will become exercisable at $11.50 per share, subject to adjustment, on the later
of 30 days after the completion of the initial Business Combination or 12 months from the closing of the IPO; provided in each case that
the Company has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable
upon exercise of the warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their
warrants on a cashless basis under the circumstances specified in the warrant agreement). The warrants will expire at 5:00 p.m., New
York City time, five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. On the
exercise of any warrant, the warrant exercise price will be paid directly to the Company and not placed in the Trust Account.

In
addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection
with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share
(with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such
issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as
applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent
more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial Business Combination on
the date of the consummation of an initial Business Combination (net of redemptions), and (z) the volume weighted average trading price
of Class A ordinary shares during the 20-trading day period starting on the trading day prior to the day on which the Company consummates
an initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the
warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value or the Newly Issued Price
and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 165% of the