Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 49

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 49
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 board
of directors may be filled by the affirmative vote of a majority of the remaining directors of our board or by a majority of the holders
of our ordinary shares (or, prior to our initial business combination, a majority of the holders of our founder shares).

Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms
of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and
articles of association as it deems appropriate. Our amended and restated memorandum and articles of association provide that our officers
may consist of one or more chair of the board, chief executive officer, president, chief financial officer, vice presidents, secretary,
treasurer and such other offices as may be determined by the board of directors.

25

Committees
of the Board of Directors

Our
board of directors has one standing committee: an audit committee. Subject to phase-in rules and a limited exception, the rules of Nasdaq
and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors.
As described in Item 11 below, none of our executive officers or directors has received any cash compensation for services rendered to
us.

Audit
Committee

We
have established an audit committee of the board of directors. Huifeng Chang, Jim Mao and Kevin Vassily are members of our audit committee.
Our board of directors has determined that each of Huifeng Chang, Jim Mao and Kevin Vassily are independent under the Nasdaq listing
standards and applicable SEC rules. Kevin Vassily serves as the Chair of the audit committee. Under the Nasdaq listing standards and
applicable SEC rules, we are required to have at least three members of the audit committee, all of whom must be independent within one
year of the listing of our Class A ordinary shares. Each member of the audit committee is financially literate and our board of directors
has determined that Kevin Vassily qualifies as “audit committee financial expert” as defined in applicable SEC rules.

The
audit committee is responsible for:

●meeting
with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control
systems;

●monitoring
the independence of the independent registered public accounting firm;

●verifying
the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and