Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 1
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 “Trust Account”) established for the benefit of the Company’s public shareholders at a U.S. based
trust account, with Wilmington Trust, National Association, acting as trustee.

On
January 25, 2023, we entered into an Agreement and Plan of Merger (the “Longevity Merger Agreement”), by and among Longevity
Biomedical, Inc. (“Longevity”), Denali SPAC Holdco, Inc., a Delaware corporation and direct, wholly owned subsidiary of the
Company (“Holdco”), Denali SPAC Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of Holdco (“Denali
Merger Sub”), Longevity Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of Holdco (“Longevity
Merger Sub”), and Bradford A. Zakes, solely in the capacity as seller representative (the “Seller Representative”).
Pursuant to the Longevity Merger Agreement, the parties thereto agreed to enter into a business combination with Longevity (the “Longevity
Business Combination”).

On
October 11, 2023, our shareholders held an extraordinary general meeting (the “Extension Meeting”) to vote in favor of approving
amendments to the Company’s amended and restated memorandum and articles of association (the “Articles”) to, amongst
other things, extend the date by which we must consummate an initial business combination from October 11, 2023 to July 11, 2024 by electing
to extend the date to consummate an initial business combination on a monthly basis for up to nine times by an additional one month each
time, subject to the sponsor (or its affiliates or permitted designees) depositing into the Trust Account for each such one-month extension
the lesser of (a) an aggregate of $50,000 or (b) $0.03 per public share that remains outstanding and is not redeemed prior to any such
one-month extension, unless the closing of our initial business combination has occurred.

Furthermore,
in connection with the Extension Meeting, 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 our 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, we had 4,537,