Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 9

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1
Chunk 9
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 held in the Trust Account (excluding any deferred underwriters’ fees and taxes payable on the interest income
earned on the Trust Account) at the time of our signing of a definitive agreement in connection with our initial business combination.
We refer to this as the 80% of net assets test. Our board of directors determined that the fair market value of the Business Combination
equaled at least 80% of the value of the assets held in the Trust Account (excluding any deferred underwriters’ fees and taxes
payable on the interest income earned on the Trust Account).

We
initially had until April 11, 2023, 12 months after the closing of the IPO (or up to 18 months by resolution of our board if requested
by our sponsor to extend the period of time to consummate a business combination by up to two times, each time by an additional three
months), to consummate an initial business combination. On October 11, 2023, we announced that our shareholders approved to extend the
date by which we must consummate an initial business combination from October 11, 2023 to July 11, 2024 by electing to extend the date
to consummate an initial business combination on a monthly basis for up to nine times by an additional one month each time. On July 10,
2024, we announced that our shareholders approved to extend the date by which we must consummate an initial business combination from
July 11, 2024 to April 11, 2025, by electing to extend the date to consummate an initial business combination on a monthly basis for
up to nine times by an additional one month each time.

To
the extent Semnur may be financially unstable or in its early stages of development or growth, we may be affected by numerous risks inherent
in the company or its business. Although our management will endeavor to evaluate the risks inherent in a particular target business,
we cannot assure you that we will properly ascertain or assess all significant risk factors. For more information on the risks associated
with the Business Combination, see the Semnur Disclosure Statement.

4

Acquisition
Process

In
evaluating a prospective target business, we conducted a due diligence review which encompassed, among other things, meetings with incumbent
management, document reviews, as well as a review of financial, operational, legal and other information which were made available to
us. We also utilized our management team’s expertise in analyzing and evaluating operating plans