Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 629

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 3
Chunk 629
---
 shares subject to possible redemption 
    $1,968,370  
    $5,643,271 

The
accompanying notes are an integral part of these consolidated financial statements.

F-7

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

NOTE
1 – ORGANIZATION AND BUSINESS OPERATION

Denali
Capital Acquisition Corp. (the “Company” or “Denali”) is a newly organized blank check company incorporated in
the Cayman Islands on January 5, 2022. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization, or similar business combination with one or more businesses (a “Business Combination”).

As
of December 31, 2024, the Company had not commenced any operations. All activity for the period from January 5, 2022 (inception) through
December 31, 2024, relates to the Company’s organizational activities, those necessary to prepare for and complete the initial
public offering (“IPO”), identifying a target company for a business combination, and activities in connection with an initial
business combination, including with respect to our proposed business combination with Semnur Pharmaceuticals, Inc (“Semnur”).
The Company does not expect to generate any operating revenues until after the completion of an initial Business Combination. The Company
is generating non-operating income in the form of income from the investment of proceeds derived from the IPO. The Company has selected
December 31 as its fiscal year end.

The
Company’s sponsor is Denali Capital Global Investments LLC, a Cayman Islands limited liability company (the “Sponsor”).

Financing

The
registration statement for the Company’s IPO became effective on April 6, 2022. On April 11, 2022, the Company consummated the
IPO of 8,250,000 units (including over-allotment of 750,000 units) (“Public Units”). Each Public Unit
consists of one Class A ordinary share, $0.0001 par value per share (such shares included in the Public Units, the “Public
Shares”), and one redeemable warrant (the “Public Warrants”), each whole Public Warrant entitling the holder thereof
to purchase one Public Share at an exercise price of $11.50 per share. The Public Units were sold at a price of $10.00 per