Company: SMNR
Filing Date: 2025-04-02
Form Type: 10-K
Source: 0001213900-25-027319
Chunk: 252

Company: Semnur Pharmaceuticals, Inc.
Filing Date: 2025-04-02
Form: 10-K
Item: Item 1B
Chunk 252
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 (the “Sponsor Extension Convertible
Promissory Note”). The Sponsor Extension Convertible Promissory Note was issued with an initial principal balance of $15,037, with
the remaining $164,963 drawable at the Company’s request and upon the consent of the sponsor prior to the maturity of the Sponsor
Extension Convertible Promissory Note. The Sponsor Extension Convertible Promissory Note matures upon the earlier of (i) the effective
date of the consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.  

14

On
August 30, 2024, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Semnur and Denali
Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). 

Subject
to the terms and conditions set forth in the Merger Agreement, the total consideration to be paid at Closing by the Company to Semnur’s
equityholders will be an amount equal to the quotient of (a) $2,500,000,000 divided by (b) $10.00, and will be payable in shares of common
stock of New Semnur (the “New Semnur Common Shares”). In accordance with the terms and subject to the conditions of the Merger
Agreement, following the Domestication and at the effective time of the Merger (the “Effective Time”): (i) each share
of common stock of Semnur issued and outstanding immediately prior to the Effective Time will be automatically converted into the right
to receive, without interest, a number of New Semnur Shares equal to the Exchange Ratio (as defined in the Merger Agreement); (ii) each
share of preferred stock of Semnur issued and outstanding immediately prior to the Effective Time will be automatically converted into
the right to receive, without interest, (a) one share of Series A preferred stock of New Semnur (the “New Semnur Preferred Share”)
and (b) one-tenth of one New Semnur Common Share, and (iii) subject to the Company’s receipt of the Option Exchange Approval (as
defined in the Merger Agreement), each option to purchase a share of Semnur common stock that is then outstanding shall be converted
into the right to receive an option to purchase a number of New Semnur Common Shares as determined by the