Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 282

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 282
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 total principal amount of up
to $825,000 to the sponsor. The Convertible Promissory Note was issued with an initial principal balance of $412,500, with the remaining
$412,500 drawable at our request prior to the maturity of the Convertible Promissory Note. On December 29, 2023, we issued an amended
and restated promissory note (the “Restated Note”) in the total principal amount of up to $1,000,000; on April 2, 2024, we
issued a second amended and restated promissory note (the “Second Restated Note”) in the total principal amount of up to $1,200,000.
As of December 31, 2024, the outstanding amount under the Working Capital Loans in the form of the Convertible Promissory Note issued
to our sponsor had exceeded this limit, reaching $1,408,200, resulting in an overdrawn position. To remediate this overdrawn balance,
on January 24, 2025, we issued a third amended and restated promissory note (the “Third Restated Note”), increasing the total
principal amount to $2,000,000. We may draw down on the Third Restated Note from time to time prior to the earlier of (i) the closing
of Denali’s initial business combination and (ii) the date of the liquidation of the Company. In the event we do not consummate
the Business Combination, the Third Restated Note will be repaid only to the extent that we have funds available to it outside of the
Trust Account.

After
our initial business combination, members of our management team who remain with us may be paid consulting, management or other fees
from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the proxy
solicitation or tender offer materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation
will be known at the time of distribution of such proxy solicitation or tender offer materials or at the time of a general meeting held
to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business to determine
executive and director compensation.

31

We
have entered into a registration and shareholder rights agreement with respect to the founder shares and Private Placement Warrants,
which is described under the heading “Item