Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 3

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 3
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 any further approval of our shareholders,
provided that the sponsor (or its affiliates or permitted designees) will deposit into the Trust Account for each such one-month extension
the lesser of (a) an aggregate of $20,000 or (b) $0.02 per public share that remains outstanding and is not redeemed prior to any such
one-month extension, unless the closing of the initial business combination has occurred, in exchange for a non-interest bearing promissory
note payable upon consummation of an initial business combination. In connection with the Second Extension Meeting, shareholders holding
3,785,992 public shares (after giving effect to withdrawals of redemptions) exercised their right to redeem such shares for a pro rata
portion of the funds in the Trust Account. As a result, approximately $43.4 million (approximately $11.47 per share) was removed from
the Trust Account to pay such holders.

On
July 10, 2024, we issued a promissory note (the “Sponsor Extension Convertible Promissory Note”) in the total principal amount
of up to $180,000 to the sponsor. The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037,
with the remaining $164,963 drawable at our request and upon the consent of the sponsor prior to the maturity of the Sponsor Extension
Convertible Promissory Note. On July 10, 2024, the sponsor had deposited $15,037 drawn down from the Sponsor Convertible Promissory Note
to the Trust Account to extend the time the Company has to consummate an initial business combination to August 11, 2024.

On
August 9, 2024, we issued a convertible promissory note (the “Scilex Convertible Note”) in the total principal amount of
up to $180,000 to Scilex Holding Company (“Scilex”). The Scilex Convertible Note was issued with an initial principal balance
of $15,037, with the remaining $164,963 drawable at our request and upon the consent of Scilex prior to the maturity of the Scilex Convertible
Promissory Note.

On each of August 11, 2024,
September 11, 2024, October 11, 2024, November 11, 2024, December 11, 2024, January 6, 2025, February 11,