Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 6

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 registration statement for the Company’s
IPO became effective on April 6, 2022. On April 11, 2022, the Company consummated the IPO of 8,250,000 units (including over-allotment
of 750,000 units) (“Public Units”). Each Public Unit consists of one Class A ordinary share, $0.0001 par value
per share (such shares included in the Public Units, the “Public Shares”), and one redeemable warrant (the “Public Warrants”),
each whole Public Warrant entitling the holder thereof to purchase one Public Share at an exercise price of $11.50 per share. The
Public Units were sold at a price of $10.00 per Public Unit, generating gross proceeds of $82,500,000, which is described in Note
3. Simultaneously with the closing of the IPO, the Company consummated the sale of 510,000 units (including over-allotment of 30,000 units)
(the “Private Placement Units”) to the Sponsor at a price of $10.00 per Private Placement Unit in a private placement
generating gross proceeds of $5,100,000, which is described in Note 4. Transaction costs amounted to $5,105,315, consisting of $1,650,000 of
underwriting fees, $2,887,500 of deferred underwriters’ fees and $567,815 of other offering costs, and were all initially
charged to shareholders’ equity.

Trust
Account

Following the consummation of the IPO on April
11, 2022, a total of $84,150,000 of the net proceeds from the IPO and the sale of the Private Placement Units was deposited
in a trust account (the “Trust Account”). The net proceeds were invested in U.S. government securities, within the meaning
set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity
of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund and meeting certain
conditions under Rule 2a-7 of the Investment Company Act, as determined by the Company. Further, on April 12, 2023, the Company issued
a press release announcing that it deposited $825,000 into