Company: SMNR
Filing Date: 2025-03-20
Form Type: PRE 14A
Source: 0001213900-25-025610
Chunk: 26

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-03-20
Form: PRE 14A
Chunk 26
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, 2024, in connection with the approval of proposed amendments to the amended and restated memorandum and articles of association of the Company, shareholders holding 3,785,992 public shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account, leaving 751,837 public shares outstanding. Our management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the value of the assets held in the trust account (excluding any deferred underwriters’ fees and taxes payable on the interest income earned on the trust account). We will only complete a Business Combination if the post -BusinessCombination company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that we will be able to successfully effect a Business Combination. 15 Approximately $[] was held in the trust account as of the record date. The mailing address of the Company’s principal executive office is 437 Madison Avenue, 27 thFloor, New York, NY 10022. Except with respect to interest earned on the funds held in the trust account that may be released to pay our tax obligations (less up to US$100,000 of interest to pay dissolution expenses in the case of the redemption of our public shares if we are unable to complete our initial business combination within the Completion Window (as defined below)), the funds held in the trust account will not be released from the trust account until the earliest of (i) the completion of an initial business combination, (ii) the redemption of any of our public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (a) to modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with any proposed initial business combination or to redeem 100% of our public shares if we do not complete an initial business combination by April 11, 2025 or by December 11, 2025 if the period of time to consummate a business combination