Company: SMNR
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001213900-25-044889
Chunk: 62

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 Capital Loans may be convertible into
units of the post business combination entity at a price of $10.00 per unit. The units would be identical to the Private Placement Units.
In the event that the initial business combination does not close, we may use a portion of the working capital held outside of the Trust
Account to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. On April 11, 2023, we issued
a convertible promissory note (the “Convertible Promissory Note”) in the total principal amount of up to $825,000 to the sponsor.
The Convertible Promissory Note bears an interest accruing on the unpaid and outstanding total principal amount at the lowest short-term
Applicable Federal Rate as in effect on the date thereof and is payable in arrears on the maturity date. Interest will be calculated on
the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law. The Convertible Promissory
Note was issued with an initial principal balance of $412,500 (the “Initial Principal Balance”). The sponsor has further lent
loans in the aggregate amount of $430,000 on July 18, 2023, October 12, 2023 and December 29, 2023. The sponsor further lent an aggregate
of $565,700 to the Company against the Convertible Promissory Note during the three months ended March 31, 2025. As of December 31, 2024,
there was an amount of $1,408,200 outstanding under Working Capital Loans in the form of the Convertible Promissory Note issued to the
sponsor. Further, an amount of $74,555 with interest at 4.86% on the amount borrowed from the sponsor was recognized as accrued interest
expense – related party as of December 31, 2024. On April 2, 2024, the Company and the sponsor agreed that, in addition to the Initial
Principal Amount, the Company may request an additional aggregate amount of up to $186,800, which may be drawn down in one or more tranches
at any time prior to the maturity date raising the total limit up to $1,200,000. On January 24, 2025, we amended and restated the Convertible
Promissory Note to increase the total principal amount to $2,000,000.