Company: SMNR
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001213900-25-077047
Chunk: 8

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-08-15
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account
and thereafter to hold all funds in the Trust Account in cash in an interest-bearing bank deposit account until the earlier of (i) the
completion of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders,
as described below. Interest on bank deposit accounts is variable and such accounts currently yield interest of approximately 3.5% per
annum.

5

Denali Capital Acquisition Corp.

Notes to Unaudited Consolidated Financial Statements

During the shareholder’s meeting held on
October 11, 2023, shareholders holding 3,712,171 public shares (after giving effect to withdrawals of redemptions) exercised
their right to redeem such shares for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately
$40.5 million (approximately $10.92 per share) was removed from the Trust Account to pay such holders. Following redemptions
and through December 31, 2023, the Company had 4,537,829 public shares outstanding.

On July 10, 2024, the shareholders of the Company
held an extraordinary general meeting of shareholders to consider and vote upon a proposal to amend, by way of special resolution, the
amended and restated memorandum and articles of association of the Company to extend (the “extension”) the date by which the
Company must: (i) consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
involving the Company and one or more businesses or entities; (ii) cease its operations, except for the purpose of winding up, if it fails
to complete such initial business combination; and (iii) redeem 100% of the Company’s Class A ordinary shares, par value $0.0001
per share (the “Class A ordinary shares”), included as part of the units sold in the Company’s IPO from July 11, 2024
to April 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis for up to nine (9)
times by an additional one month each time, unless the closing of the Company’s initial business combination has occurred, without
the need for any further approval of the Company’s shareholders, provided that the Sponsor (or its affiliates