Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1320

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 9
Chunk 1320
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 the other restrictions contained in the letter agreement.

Item
13. Certain Relationships and Related Transactions, and Director Independence.

In
February 2022, we issued an aggregate of 2,156,250 founder shares to our sponsor in exchange for a payment of $25,000 from our sponsor
to cover for certain expenses on behalf of us, or approximately $0.012 per share. Our sponsor later transferred 20,000 founder shares
to our Chief Financial Officer and 110,000 founder shares to certain members of our board of directors and forfeited 93,750 founder shares
pursuant to the underwriters partially exercising their over-allotment option. On August 30, 2024, the sponsor and Scilex entered into
the Sponsor Interest Purchase Agreement, pursuant to which Scilex purchased the Purchased Interests that were then-held by the sponsor.
The aggregate consideration for the purchase and sale of the Purchased Interests is as follows: (i) the Cash Consideration and (ii) 300,000
Scilex Shares. Pursuant to the Sponsor Interest Purchase Agreement, Scilex paid the Cash Consideration and has agreed to issue the Scilex
Shares to the sponsor contingent upon and following the occurrence of the Effective Time. The Purchased Interests will convert automatically,
on a one-for-one basis, into one share of New Semnur Common Stock at the effective time of the Domestication (as defined in the Merger
Agreement) pursuant to the terms of the Merger Agreement.

30

Our
sponsor has purchased an aggregate of 510,000 Private Placement Units (with each Private Placement Unit consisting of one Private Placement
Share and one Private Placement Warrant) at the price of $10.00 per unit. Each Private Placement Warrant entitles the holder to purchase
one ordinary share at $11.50 per share, subject to adjustment. The Private Placement Warrants (including the Class A ordinary shares
issuable upon exercise of the Private Placement Warrants) may not, subject to certain limited exceptions, be transferred, assigned or
sold until 30 days after the completion of our initial business combination. In addition, we have agreed not to enter into a definitive
agreement regarding an initial business combination without the prior consent of our sponsor.

If
any of our founders, officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which
he, she or it has then-current fiduciary or contractual obligations