Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 471

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 2
Chunk 471
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 funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct
U.S. government treasury obligations. However, on June 4, 2024, to mitigate the risk of being deemed to have been operating as an unregistered
investment company under the Investment Company Act, the Company instructed Wilmington Trust, National Association, the trustee with
respect to the Trust Account, to liquidate the U.S. government securities or money market funds held in the Trust Account and thereafter
to hold all funds in the Trust Account in cash in an interest-bearing bank deposit account. Interest on bank deposit accounts is variable
and such accounts currently yield interest of approximately 3.5% per annum.

Repurchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item
6. [Reserved]

12

Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

References
to the “Company,” “Denali,” “our,” “us” or “we” refer to Denali Capital Acquisition
Corp. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction
with the audited consolidated financial statements and the notes related thereto which are included in “Item 8. Financial Statements
and Supplementary Data” of this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth
below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements
as a result of many factors. Certain information contained in the discussion and analysis set forth below includes forward-looking statements.
Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including
those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere
in this Annual Report on Form 10-K.

Overview 

We
are a blank check company incorporated as a Cayman Islands exempted company on January 5, 2022 (inception), for the purpose of effecting
an initial business combination. While we will not be limited to a particular industry or geographic region in our identification and
acquisition of a target company, we intend to focus on technology, consumer and hospitality and will not complete our initial business
combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China
(including Hong