Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 40

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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, 2023 and December 29, 2023. On December 29, 2023 the Company and Sponsor agreed that, in addition to the Initial
Principal Amount, the Company may request an additional aggregate amount of up to $157,500, which may be drawn down in one or more tranches
at any time prior to the Maturity Date, raising the total limit up to $1,000,000. On April 2, 2024, the Company and Sponsor agreed that,
in addition to the Initial Principal Amount, the Company may request an additional aggregate amount of up to $186,800, which may be drawn
down in one or more tranches at any time prior to the Maturity Date raising the total limit up to $1,200,000. On January 24, 2025,
the Company and Sponsor agreed that, in addition to the Initial Principal Amount, the Company may request an additional aggregate amount
of up to $591,800, which may be drawn down in one or more tranches at any time prior to the Maturity Date, raising the total limit up
to $2,000,000. The Sponsor further lent an aggregate of $565,700 to the Company against the Convertible Promissory Note during the
year ended December 31, 2024. As of March 31, 2025, there was an amount of $1,408,200 outstanding under Working Capital Loans in
the form of the Convertible Promissory Note issued to Sponsor. Further, an amount of $91,764 with interest at 4.86% on the
amount borrowed from the Sponsor was recognized as accrued interest expense – related party as of March 31, 2025.

On July 10, 2024, the
Company issued Convertible Promissory Note 2 to the Sponsor in an aggregate principal amount of up to $180,000. The note was initially
funded with a principal balance of $15,037, and an additional $100,000 was drawn during the three months ended March 31, 2025. The remaining
$64,963 is available to be drawn at the Company’s discretion, subject to the Sponsor’s consent, at any time prior to the maturity
of Convertible Promissory Note 2. 

NOTE
6 – COMMITMENTS AND CONTINGENCIES

Registration
Rights

The holders
of the founder shares, Private Placement Shares and