Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 0

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 0
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Item
1. Business.

General

We
are a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout
this report as our initial business combination. We have neither engaged in any operations nor generated any revenue to date. Based on
our business activities, we are a “shell company” as defined under the Securities Exchange Act of 1934 (the “Exchange
Act”) because we have no operations and nominal assets consisting almost entirely of cash. On April 11, 2022, we consummated our
initial public offering (the “IPO”) of 8,250,000 units, which included 750,000 units issued pursuant to the partial exercise
by the underwriters of their over-allotment option (the “Units”), each Unit consisting of one Class A ordinary share of the
Company, par value $0.0001 per share (the “public shares”) and one redeemable warrant (each, a “Public Warrant”),
each whole Public Warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share. The Units were sold
at a price of $10.00 per Unit, and the IPO generated gross proceeds of $82,500,000. Simultaneously with the closing of the IPO, we consummated
a private placement (the “Private Placement”) with our sponsor, of an aggregate of 510,000 units (the “Private Placement
Units”) (including 30,000 Private Placement Units purchased pursuant to the partial exercise by the underwriters of their over-allotment
option) at a price of $10.00 per Private Placement Unit, generating gross proceeds of $5,100,000. Each Private Placement Unit consists
of one Class A ordinary share (the “Private Placement Shares”) and one warrant. The terms and provisions of the warrants
in the Private Placement Units (the “Private Placement Warrants”) are identical to the Public Warrants, except that, subject
to certain limited exceptions, they are subject to transfer restrictions until 30 days following the consummation of an initial business
combination. On April 11, 2022, a total of $84,150,000 of the net proceeds from the IPO and the Private Placement was deposited in a
trust account (the