Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 1798

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 11
Chunk 1798
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 upon the consent of the Sponsor prior to the maturity of the Convertible Promissory Note 2. 

F-24

Denali
Capital Acquisition Corp.

Notes
to Consolidated Financial Statements

NOTE
6 – COMMITMENTS AND CONTINGENCIES

Registration
Rights

The
holders of the founder shares, Private Placement Shares and Private Placement Warrants, including any of those issued upon conversion
of the Working Capital Loans (and any Private Placement Shares issuable upon the exercise of the Private Placement Warrants
that may be issued upon conversion of the Working Capital Loans) will be entitled to registration rights pursuant to a registration
and shareholder rights agreement signed on April 6, 2022. The holders of these securities are entitled to make up to three demands, excluding
short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration
rights with respect to registration statements filed after the completion of the initial Business Combination and rights to require the
Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the costs and expenses
of filing any such registration statements.

The
Merger Agreement contemplates that, at or prior to the closing of the business combination between the Company and Semnur (the “Closing”),
Denali, Scilex, the Sponsor and certain shareholders of Denali will enter into the Registration Rights Agreement, which, among other
things, will govern the registration of certain New Semnur Common Shares for resale and be effective as of the Closing.

Underwriting
Agreement

The
underwriters received a cash underwriting discount of $0.20 per Public Unit, or $1,650,000 in the aggregate, paid upon the
closing of the IPO. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Public Unit, or $2,887,500 in
the aggregate, which is included in the accompanying consolidated balance sheets. The deferred fee will become payable to the underwriters
from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms
of the underwriting agreement. On November 20, 2023, the Company’s Underwriters entered into an Underwriter Letter Agreement, pursuant
to which the Company’s Underwriters have agreed to receive 30%, or $866,250, of the aggregate $2,887